Z Inc. distributed a parcel of land to Zeke, the sole shareholder. The land had a...
Z Inc. distributed a parcel of land to Zeke, the sole shareholder. The land had a fair value of $30,000 and a basis of $50,000. Prior to considering this distribution, Z had accumulated E&P of $0 and current earnings and profits of $20,000.
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- How much of the distribution will be a taxable dividend?
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- What is the total remaining E&P after this distribution?
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Z Inc. distributed a parcel of land to
Zeke, the sole shareholder. The land had a...
Lou Corp. distributed land worth $50,000 to its sole shareholder. The land had basis of $70,000...
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3. Corporation K distributed a parcel of real estate to a shareholder that had an adjusted...
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3. Corporation K distributed a parcel of real estate to a shareholder that had an adjusted basis to the corporation of $50,000 and a fair market value of $75,000. The property was subject to a mortgage of $80,000, which was assumed by the shareholder. What is Corporation K's recognized gain (or loss) on the distribution to the shareholder? A. $(5,000) B. $0 C. $25,000 D. $30,000 bent used in its business to its sole shareholder Mr. B for $13,000.
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