Question
15) T Corporation distributes property to with a FMV of $3,500,000, subject to a liability of $700,000 to shareholder, Tom, who is not a co-signer.
15) T Corporation distributes property to with a FMV of $3,500,000, subject to a liability of $700,000 to shareholder, Tom, who is not a co-signer. T's basis is $1,000,000. What is T's gain on the distribution?
a $2,500,000
b $1,000,000
c $500,000
d None of the above
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Advanced Financial Reporting And Analysis
Authors: John Dunn, Margaret Stewart
1st Edition
0470973609, 9780470973608
