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What is swan taxable gain on the distribution

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1. Swan Corporation makes a property distribution on 12/31/16 to its sole shareholder, Matthew. The property distributed is a cottage (fair market value of $180,000; basis of $120,000) that is subject to a $50,000 mortgage that Matthew assumes. Before considering the consequences of the distribution, Swan's current E & P is $275,000 and its accumulated E & P is 100,000. Swan makes no other distributions during the current year.

a. What is Swan's taxable gain on the distribution of the cottage?

b. What is Swan's current E&P after the distribution on 12/31/16?

2. A corporation sells property (basis of $100,000) to its sole shareholder for $50,000, the fair market value of the property. With respect to the sale. Does the corporation have a tax loss of $50,000? Why or why not?

Reference no: EM131560139

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