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Describe disregard tax liability for e-p purposes

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Question - KZ Corporation distributes land with an adjusted basis of $50,000 and a fair market value of $20,000. The land is subject to mortgage of $10,000.  Bill, a sole shareholder, has basis of $60,000 and KZ has E&P of $100,000 at the time of the distribution. Describe tax consequences and disregard tax liability for E&P purposes, if any.

Reference no: EM133188336

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