Lime Corporation, with E & P of $500,000, distributes land (worth $300,000, adjusted basis of $350,000) to

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Lime Corporation, with E & P of $500,000, distributes land (worth $300,000, adjusted basis of $350,000) to Harry, its sole shareholder. The land is subject to a liability of $120,000, which Harry assumes. What are the tax consequences to Lime and to Harry?

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South Western Federal Taxation 2018 Corporations Partnerships Estates And Trusts

ISBN: 1389

41st Edition

Authors: William H. Hoffman, William A. Raabe, James C. Young, Annette Nellen, David M. Maloney

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Question Posted: May 25, 2015 07:31 AM

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Lime Corporation, with E & P of $500,000, distributes land (worth $300,000, adjusted basis of $350,000) to

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Harry has a taxable dividend of 180000 300000 fair market value ...View the full answer

South Western Federal Taxation 2018 Corporations Partnerships Estates And Trusts

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