What is alexandra basis in the land

Reference no: EM13133238

In the current year, Dove Corporation (E & P of $1 million) distributes all of its property in a complete liquidation. Alexandra, a shareholder, receives land having a fair market value of $300,000. Dove Corporation had purchased the land as an investment three years ago for $375,000, and the land was distributed subject to a $270,000 liability. Alexandra took the land subject to the $270,000 liability. What is Alexandra's basis in the land?

a) $375,000.

b) $300,000.

c) $270,000.

d) $30,000.

Reference no: EM13133238

Questions Cloud

Illustrate what is the amount and character of sunshine : Sunshine bought furniture for 90,000 several years ago and had claimed $25,000 of depreciation expense on the machine. Illustrate what is the amount and character of Sunshine's gain or loss?

How many grams of h2 gas are needed : It is desired to inflate a baggie with a volume of 959 milliliters by filling it with hydrogen gas at a pressure of 0.544 atm and a temperature of 284 K. How many grams of H2 gas are needed?

Why dissociated phosphate ion would prefer to bond : Help me understand specifically why the dissociated phosphate ion would prefer to bond with cations like Al and Zn. I think I know why but help me better understand.

What is the partial pressure of oxygen on the plane : An airplane is pressurized to 650 mm,Hg}, which is the atmospheric pressure at a ski resort at 1.30×104 ft altitude. If air is 21 % oxygen, what is the partial pressure of oxygen on the plane?

What is alexandra basis in the land : Dove Corporation had purchased the land as an investment three years ago for $375,000, and the land was distributed subject to a $270,000 liability. Alexandra took the land subject to the $270,000 liability. What is Alexandra's basis in the land?

Vector spaces-subspaces and dimension : V3(R) represents the set of vectors in 3D space. What kind of geometrical objects are represented by the various subspaces of V3(R)?

What is the amount and character if buzz gain or loss : Buzz corporation sold an office building that it used in its business for $500,000. Buzz bought the building for ten years ago for 650,000 and has claimed 200,000 of depreciation expense what is the amount and character if Buzz's gain or loss?

Explain and draw all stereoisomers having molecular formula : Draw all stereoisomers having molecular formula C6H12 that contain one double bond and give the IUPAC name for each compound

What score would cut off the top five percent of scores : Suppose we have a population of scores with a mean (μ) of 200 and a standard deviation (σ) of 10. Assume that the distribution is normal. What score would cut off the top 5 percent of scores?

User Account

All Pages