Abc inc had current earnings and profits of 50000 when it

Reference no: EM13593835

ABC Inc. had current earnings and profits of $50,000 when it distributed to an individual shareholder land that the corporation held as an investment. On the date the land was distributed, ABC Inc.'s adjusted basis in the land was $10,000, the fair market value of the land was $50,000, and the land was encumbered by a $30,000 mortgage, which liability was assumed by the shareholder. There were no other transactions that might affect ABC Inc.'s earnings and profits for the year. What was the amount of ABC Inc.'s earning and profits at the end of the year?

Reference no: EM13593835

Questions Cloud

If you create a graph and label the x axisacceleration and : if you create a graph and label the x axisacceleration and the y axis force with a linear graph positive and to the

Ann and irene transfer their respective businesses and form : ann and irene transfer their respective businesses and form aib corporation. ann exchanges her property with a basis to

If the frequency of the light is doubled what is the : question the light intensity incident on a metallic sur- face with a work function of 2.03 ev produces photoeletrons

What is the maximum energy of the electrons emitted when : when the wavelength of an incident radiation exceeds 560nm the emission of photoelectrons from a surface ceases. what

Abc inc had current earnings and profits of 50000 when it : abc inc. had current earnings and profits of 50000 when it distributed to an individual shareholder land that the

The plane passes through the point 151 and is perpendicular : question the plane passes through the point 151 and is perpendicular to the planes 2x y - 2z 2 and x 3z 4 what is

Two 325-microf capacitors are connected in series across : two 3.25-microf capacitors are connected in series across the terminals of a 50.0-hz ac generator that has a peak

Larry formed sleuth corporation in order to incorporate the : larry formed sleuth corporation in order to incorporate the detective agency business that he had been operating for

A glass is half-full of water with a layer of vegetable oil : question a glass is half-full of water with a layer of vegetable oil n 1.47 floating on top. a ray of light traveling

User Account

All Pages