Business, 03.08.2019 04:30, daylanhampton

Cavalier corporation had current and accumulated e& p of $500,000 at december 31 20x3. on december 31, the company made a distribution of land to its sole shareholder, tom jefferson. the land's fair market value was $200,000 and its tax and e& p basis to cavalier was $50,000. the tax consequences of the distribution to cavalier in 20x3 would be

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Cavalier corporation had current and accumulated e& p of $500,000 at december 31 20x3. on decemb...