What are the tax consequences of the distribution to quinlan

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Quinlan has ample E & P to cover any distributions made during the year. One distribution made to a shareholder consists of property with an adjusted basis of $1,486,600 and a fair market value of $891,960.

Problem 1: What are the tax consequences of this distribution to Quinlan?

If an amount is zero, enter "0".

Question 1: As a result of the distribution, Quinlan Corporation has a realized __________ of $__________ of which $__________ is recognized. The shareholder received property with a basis of $__________.

Reference no: EM132460197

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