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How much dividends Johnson report

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Question - XYZ corporation (E & P $1,000,000) distributes machinery, adjusted basis $20,000 Fair Market Value of $150,000 to sole shareholder. The property is subject to Liability of $10,000 which shareholder assumes.

Required -

a) How much dividends Johnson report?

b) What is his basis in the machinery?

c) What is the effect on corporation's earning and E&P?

Reference no: EM132761954

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