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Title: A corporation distributes land and the related liability to Meg, its sole shareholder. The land has ... Post by: Mandarini on Feb 14, 2017 A corporation distributes land and the related liability to Meg, its sole shareholder. The land has an FMV of $60,000 and is subject to a liability of $70,000. The corporation has current and accumulated E&P of $80,000. The corporation's adjusted basis for the property is $70,000. What effect does the transaction have on the corporation?
A) A recognized loss of $10,000; its E&P is reduced by $70,000. B) A recognized loss of $10,000; its E&P is unchanged. C) No recognized gain or loss; its E&P is reduced by $60,000. D) No recognized gain or loss; its E&P is unchanged by the distribution. Title: Re: A corporation distributes land and the related liability to Meg, its sole shareholder. The land ... Post by: strwbrry on Feb 14, 2017 Content hidden
Title: Re: A corporation distributes land and the related liability to Meg, its sole shareholder. The land has ... Post by: Mandarini on Jul 15, 2017 Thank you!!
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