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What are the tax consequences of distribution to Quinlan

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Reference no: EM132661974

Problem - Quinlan has ample E & P to cover any distributions made during the year. One distribution made to a shareholder consists of a property with an adjusted basis of $150,000 and a fair market value of $90,000. What are the tax consequences of this distribution to Quinlan?

Reference no: EM132661974

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