After the repeal of all rules based on the General Utilities doctrine, revised § 336 now provides that, as a general rule, a corporation does not recognize any gains or losses when distributing its assets to its shareholders in complete liquidation.

Question

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The repeal of the General Utilities doctrine and the revision of § 336 mean that corporations must recognize gain (but not loss) on the distribution of appreciated property to their shareholders in complete liquidation.

After the Repeal of All Rules Based on the General