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Question - During the current year, Heaton Corporation which properly files a Form 1120 (C-corp) tax return is totally liquidated. Upon liquidation Heaton Corporation distributes its only asset, land to Paul, who is the sole shareholder. On the date of distribution, the land has a basis to Heaton Corporation of $250,000, a fair market value of $650,000, and is subject to a liability of $300,000. Paul, who takes the land subject to the liability, has a basis of $135,000 in his Heaton Corporation stock.
Required -
(a) Are there any tax consequences to Heaton Corporation as a result of the liquidation, and if so please describe the tax consequences in detail?
(b) Are there any tax consequences to Paul as a result of the liquidating distribution, and if so please describe the tax consequences to Paul in detail?
(c) What is Paul's basis in the land following the liquidation?
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