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Author Question: Whaler Corporation makes a liquidating distribution of land with a $70,000 adjusted basis and a ... (Read 55 times)

c0205847

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on: Sep 13, 2020
Whaler Corporation makes a liquidating distribution of land with a $70,000 adjusted basis and a $100,000 FMV to shareholder Horton, who surrenders his Whaler stock (adjusted basis $60,000) to the corporation. Alice, another shareholder, receives $100,000 cash for her shares ($115,000 adjusted basis). 
a. What are the tax consequences to Whaler Corporation?
b. What are the tax consequences to both Horton and Alice? 
c. What is Horton's basis in the land?
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by c0205847 on Sep 13, 2020

Hikerman221

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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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c0205847

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

cdmart10

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

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