Global Corporation distributes property with a basis of $22,000 and a fair market value of $30,000 to Arturo in complete liquidation of the corporation.Arturo's basis in the stock is $14,000.What must Arturo and Global report as income upon the liquidation of Global?
$\begin{array}{lll}
& \text { Arturo } & \text { Global } \
\text { a. } & \$ 16,000 & \$ 8,000 \
\text { b. } & \$ 16,000 & \$-0- \
\text { c. } & \$ 30,000 & \$-0- \
\text { d. } & \$ 30,000 & \$ 30,000
\end{array}$

Question

Global Corporation distributes property with a basis of $22,000 and a fair market value of $30,000 to Arturo in complete liquidation of the corporation.Arturo's basis in the stock is $14,000.What must Arturo and Global report as income upon the liquidation of Global?
$\begin{array}{lll} 
& \text { Arturo } & \text { Global } \
\text { a. } & \$ 16,000 & \$ 8,000 \
\text { b. } & \$ 16,000 & \$-0- \
\text { c. } & \$ 30,000 & \$-0- \
\text { d. } & \$ 30,000 & \$ 30,000
\end{array}$

Quizplus · Accepted Answer

The Answer of Global Corporation distributes property with a basis of $22,000 and a fair market value of $30,000 to Arturo in complete liquidation of the corporation.Arturo's basis in the stock is $14,000.What must Arturo and Global report as income upon the liquidation of Global?
$\begin{array}{lll} 
& \text { Arturo } & \text { Global } \
\text { a. } & \$ 16,000 & \$ 8,000 \
\text { b. } & \$ 16,000 & \$-0- \
\text { c. } & \$ 30,000 & \$-0- \
\text { d. } & \$ 30,000 & \$ 30,000
\end{array}$

Global Corporation Distributes Property with a Basis of $22,000 and a Fair