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Sheena Maskell Sheena Maskell
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An S corporation distributes land with a basis of $60,000 and a FMV of $90,000 to its shareholders. The tax results of the distribution will be
A) no gain to the corporation or to the shareholders.
B) $30,000 of gain recognized by the S corporation and no pass through to the shareholders.
C) no gain recognized by the corporation but $30,000 of gain recognized by the shareholders.
D) $30,000 of gain recognized by the S corporation which is passed through to the shareholders.
Textbook 
Prentice Hall's Federal Taxation: 2011: Individuals

Prentice Hall's Federal Taxation: 2011: Individuals


Edition: 14th
Authors:
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MsLippyMsLippy
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Sheena M. Author
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7 years ago
Really helped
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