Lake City Corporation owns all the stock in Columbia Corporation. Pursuant to a plan of complete liquidation, Columbia distributes land having a $500,000 FMV and a $200,000 basis to Lake City. Columbia's gain with respect to the distribution will be

Since on distribution on complete liquidation to shareholder will taxable on both hand (company and shareholdeR) .shareholder will pay tax on FMVless adjusted basis and corporate will pay tax on gain (FMV-adjusted basis of asset ).

since taxability in both hands will result in double taxation ,any gain/loss will be taxed in shareholders hand and corporate tax liability will be minimal'

so correct option is "D" -no gain recognised.

(a) when insurance is obtained through a reciprocal insurer, the insureds are sharing the risk of loss with other subscribers of that reciprocal.

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answer; blank (1) hrm specialists,blank(2); line managers;