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: Butterflyfish

Stolen Lines #1

I tried to think of the right answer. Unable to think of that, I spoke anyway.

"Uh, if a corporation distributes property and the fair market value exceeds the adjusted basis in the hands of the corporation, then the corporation will recognize a gain as if the property sold at fair market value."

I really probably should not have tried to do my tax homework during environmental law, huh?

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No that is not a true story. Yes, that is I.R.C. S311(b)(1).

Per Grace: "I stole the first two sentences from Night of the Avenging Blowfish, by John Welter." If you're curious about this "Stolen Lines" business, check out Law With Grace.

Full post as published by Butterflyfish on January 07, 2009 (boomark / email).