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What are the tax consequences to oriole corporation on the

Question - Pursuant to a complete liquidation, Oriole Corporation distributes to its shareholders land held for three years as an investment (adjust basis of $400,000, fair market value of $600,000). The land is subject to liability of $300,000.

a. What are the tax consequences to Oriole Corporation on the distribution of the land?

b. If the land is, instead, subject to liability of $700,000, what are the tax consequences to Oriole on the distribution?

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