Calculate courtney gain on the distribution


Question: Isaac Corporation liquidates, with Courtney its sole shareholder receiving the remaining cash of $50,000 plus assets with FMV of $50,000. Courtney's basis in her stock is $22,000. Courtney also assumed $15,000 of debt. Calculate Courtney's gain on the distribution. Group of answer choices 85,000 $78,000 $63,000 $28,000

 

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Accounting Basics: Calculate courtney gain on the distribution
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