$(1)$ DEF Corporation distributes a building to Jones, an individual and fifty $(50)$ percent shareholder. The building has a FMV of $$50,000$ and an adjusted basis of $$32,000.$ Without considering the distribution of the building to Jones, DEF Corporation had earnings and profits of $$26,500.$ Jones adjusted basis in his interest in DEF Corporation was equal to $$15,000.$

$($a$)$ What is the amount of the section $301$ distribution to Jones?

$($b$)$ What is Jones' basis in the building following its distribution to Jones?

$($c$)$ What is the amount of gain recognized by DEF Corporation as a result of the distribution of the building to Jones?

$($d$)$ What is the character of the distribution to Jones and what is the amount of DEF$$s earnings and profits following the distribution?

$(2)$ XYZ Corporation distributes a building to Smith, an individual and fifty $(50)$ percent shareholder. The building has a FMV of $$50,000$ and an adjusted basis of $$68,000.$ Without considering the distribution of the building to Smith, XYZ Corporation had earnings and profits of $$26,500.$ Smith adjusted basis in his interest in XYZ Corporation was equal to $$15,000.$

$($a$)$ What is the amount of the section $301$ distribution to Smith?

$($b$)$ What is Smith$$s basis in the building following its distribution to Smith?

$($c$)$ What is the amount of gain recognized by XYZ Corporation as a result of the distribution of the building to Smith?

$($d$)$ What is the character of the distribution to Smith and what is the amount of XYZ$$s earnings and profits following the distribution?

$(3)$ ABC Corporation distributes a building to Green, an individual and fifty $(50)$ percent shareholder. The building has a FMV of $$50,000$ and an adjusted basis of $$32,000.$ The building was encumbered by a $$20,000$ liability at the time of its distribution to Green. Without considering the distribution of the building to Green, ABC Corporation had earnings and profits of $$26,500.$ Green adjusted basis in his interest in ABC Corporation was equal to $$15,000.$

$($a$)$ What is the amount of the section $301$ distribution to Green?

$($b$)$ What is Green$$s basis in the building following its distribution to Green?

$($c$)$ What is the amount of gain recognized by ABC Corporation as a result of the distribution of the building to Green?

$($d$)$ What is the character of the distribution to Green and what is the amount of ABC$$s earnings and profits following the distribution?

$(4)$ Able is a shareholder in the QRS Corp. QRS has accumulated earnings and profits of $$200,000,$ and current earnings and profits for the year $2019$ equal to $$300,000.$ What are the tax consequences to Able if QRS on December $15,2019$ declares a dividend equal to $$250,000$ payable in equal amounts of $$50,000$ to Able and the other four shareholders of QRS Corp. on December $27,2019,$ if:

$($a$)$ The amount declared is payable in the common stock of QRS$?$

$($b$)$ Able and his fellow shareholders have the option of having the amount declared paid either in cash or QRS stock, and they all choose to receive additional stock?

$($c$)$ Able can receive only additional QRS stock for his share of the amount declared, and the other four shareholders can receive only cash for their share?