Distributed to an individual shareholder land

Reference no: EM13186865

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. After the distribution, ABC Inc.'s earning and profits equal:

Reference no: EM13186865

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