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Question - Palace Corp. acquired land as a contribution to capital in 2019. The land had a basis of $500,000 and a fair market value of $450,000 on the date of transfer. Palace Corp. has two unrelated shareholders-Robert owns 70% of the stock in Palace Corp. and Susan owns 30%. Palace Corp. adopts a plan of complete liquidation in 2020 and makes a pro rata distribution of the land to Robert and Susan. At the time of the liquidating distribution, the land had a fair market value of $300,000. What amount of loss can be recognized by Palace Corp. on the distribution of the land?
a. $150,000
b. $60,000
c. $50,000
d. $45,000
e. $0
Balance of $3,000 and the billings on construction has a balance of $5,000. On the December 31, 2018 Balance Sheet, Cady Corporation will report
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