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Explain the tax consequences

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Reference no: EM131542645

"Taxation of Shareholder Benefits" Please respond to the following:

· If a company experiences a complete loss of an office building as a result of a fire and receives a $2 million recovery payment from the insurance company:

o Explain the tax consequences if the company decides not to rebuild.

o Identify the tax consequences if the company distributes the $2 million to its two (2) shareholders, assuming that no stock was exchanged in return.

o Under what conditions will the distribution meet the requirements to be treated as a partial liquidation and not a dividend?

Reference no: EM131542645

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