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Author Question: An S corporation distributes land with a basis of $60,000 and a FMV of $90,000 to its shareholder. ... (Read 73 times)

DelorasTo

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on: Sep 13, 2020

Question 1

An S corporation distributes land to its shareholders. The land has a $60,000 basis and a $90,000 FMV. The basis of the land to the shareholder is
◦ $0.
◦ $30,000.
◦ $60,000.
◦ $90,000.

Question 2

An S corporation distributes land with a basis of $60,000 and a FMV of $90,000 to its shareholder. The tax results of the distribution will be
◦ no gain to the corporation or to the shareholder.
◦ $30,000 of gain recognized by the S corporation and no pass through to the shareholder.
◦ no gain recognized by the corporation but $30,000 of gain recognized by the shareholder.
◦ $30,000 of gain recognized by the S corporation which is passed through to the shareholder.
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by DelorasTo on Sep 13, 2020

bassamabas

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Reply #1 on: Sep 13, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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DelorasTo

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Reply 2 on: Sep 13, 2020
YES! Correct, THANKS for helping me on my review

ricroger

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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