Petitioner was the sole shareholder of Kimbrooke Enterprises, Inc., whose principal asset was a parcel of real property for which it paid $2,247,010. Kimbrooke was dissolved in 1988 and its assets were distributed to petitioner in exchange for his stock. At the time of the distribution, the real property had a fair market value of $6,000,000. On January 12, 1989, petitioner sold the property for $6,000,000 and paid a real property transfer gains...
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