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What is the tax effect of the distribution to olympic

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Reference no: EM132843464

Question - Olympic Corporation distributed real estate with a FMV of $500,000 to its sole shareholder, Joshua. Olympic's basis in the real estate is $400,000. What is the tax effect of the distribution to Olympic and what is Joshua's basis in the real estate?

A. $100,000 gain to Olympic; $400,000 basis to Joshua.

B. $100,000 gain to Olympic; $500,000 basis to Joshua.

C. $0 gain (loss) to Olympic; $400,000 basis to Joshua.

D. $0 gain (loss) to Olympic; $500,000 basis to Joshua.

Reference no: EM132843464

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