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Green Corporation's assets are valued at $920,000 after payment of all corporate debts, except for $134,000 of taxes payable on net gains it recognized on the liquidation. Bruno, an individual and the sole shareholder of Green, has a basis of $280,000 in his stock. Compute the gain or loss recognized by Bruno on the liquidation of Green Corporation.

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Answer:

Gain or loss recognized by B

= Amount realized—Basis of B

= (Value of assets—Taxes payable) — Basis of B

= ($920,000 - $134,000) - $280,000

= $506.000

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