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What is the effect of the distribution on XYZ taxable income

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Question - Distribution of Appreciated Property: General Concepts. During the year, XYZ Sand and Gravel Corporation distributed a parcel of land to its sole shareholder, A. The land (value $20,000, cost $3,000) had been used in the corporation's quarry operations.

Required -

a) What is the effect of the distribution on the shareholder's taxable income?

b) What is A's basis in the land?

c) What is the effect of the distribution on XYZ's taxable income?

d) What is the effect of the distribution on XYZ's E & P?

e) How would your answers to (a), (b), (c), and (d) change is A were a corporation?

Reference no: EM132712723

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