Alabama corporation, an s corporation, liquidates this year by distributing a parcel of land to its sole shareholder, mark ingram. the fair market value of the parcel is $70,400 and its tax basis is $44,400. mark’s basis in his stock is $35,800.
a. what amount of gain or loss, if any, does alabama corporation recognize on the distribution?
b. how much gain must mark recognize (if any) as a result of the distribution and what is his basis in the land?
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Alabama corporation, an s corporation, liquidates this year by distributing a parcel of land to its...
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