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What is amount of distribution and character of distribution

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On May 10 of the current? year the Corporation distributes to its shareholder 16000 in cash and land? (a capital? asset) having a 78000 FMV. The land has a 26000 adjusted basis? (for both taxable income and? E& P purposes) and is subject to a 90000 ?mortgage, which shareholder assumes. Corporation has an? E& P balance exceeding the amount distributed and is subject to a 21 ?% corporate tax rate.

Problem 1: What is the amount of distribution and character of distribution (capital gain, capital loss, dividend income or return of capital)?

Reference no: EM132827720

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