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What is the effect on corporation earning and eandp

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XYZ corporation (E & P $1,000,000) distributes machinery, adjusted basis $20,000 Fair Market Value of $150,000 to sole shareholder. The property is subject to Liability of $10,000 which shareholder assumes

Problem a) How much dividends Johnson report

Problem b) What is his basis in the machinery

Problem c) What is the effect on corporation's earning and E&P

Reference no: EM132687170

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