Corporation sold land problem

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Reference no: EM13143933

A corporation sold land (with an adjusted basis of $240,000) for $200,000 to its majority shareholder.

(a.) What is the company's recognized gain or loss on the sale?

(b.) What is the shareholder's adjusted basis in the land?

(c.) Three years later, the shareholder sells the land for $220,000. What is his realized gain or loss?

Reference no: EM13143933

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