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What consequences if iclude corporation is liquidated

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On February 19, 2015, Reggie and Mick form IClude Corporation as equal 50/50 shareholders with the following investment, for which each received 1,000 shares of IClude Corporation stock:

From Reggie From Mick

Cash $500,000

Land (basis $200,000; fair market value $500,000) $500,000

What are the federal income tax consequences if, on May 1, 2015, IClude Corporation distributes 10 shares of IClude Corporation preferred stock to each of Reggie and Mick?

What consequences if IClude Corporation is liquidated & distributes the land and its cash pro rata on December 31, 2015 after having no income or activity for the year?

Reference no: EM131814100

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