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Copper Corporation (E&P of 1.2 million) distributes land (basis of 300,000, fair market value of $700,000)...

Copper Corporation (E&P of 1.2 million) distributes land (basis of 300,000, fair market value of $700,000) subject to a 900,000 liability to Lauren, a shareholder, to carry out a qualitying stock redemption. Lauren has basis of 100,000 in the shares redeemed. With regard to the redemption, what are the income tax consequences to Lauren and Copper Corporation

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