Reference no: EM133055496
Question - Butterfield Corporation has two equal shareholders, Maria and Tara. Butterfield Corporation has a current E&P of $50,000 and a deficit in accumulated E&P of $40,000. On September 15, Butterfield Corporation distributes investment land to these shareholders. The land distributed to Maria has a fair market value of $30,000 and a basis to Butterfield Corporation of $26,000. Maria's basis for her stock is $2000, Tara's basis for her stock is $1000. There are no other distributions this year.
1. Does Butterfield Corporation recognize any income or gain on the distribution of this land to its shareholders? if yes how much?
2. How much income or gain (specify if dividend income or capital gain) does Maria recognize as a result of this distribution?
3. How much income or gain (specify if dividend income or capital gain) does Tara recognize as a result of this distribution?
4. What is Maria's basis for the land she received?
5. What is Tara's basis for the land she received?
6. What is Butterfield Corporation's current and accumulated E&P after the distributions?
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