$25$

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Problem $22-72($LO $22-5)($Algo$)$

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Part $4$ of $4$

$3\mathrm{.}44$

Carolina Corporation, an S corporation, has no corporate Earnings and profit from its years as a C corporation. At the end of the year, it distributes a small parcel of land to its sole shareholder, Shadiya. The fair market value of the parcel is $$105,000,$ and its tax basis is $$65,000.$ Shadiya's basis in her stock is $$26,500.$ Assume Carolina Corporation reported $$0$ taxable income before considering the tax consequences of the distribution.

Note: Leave no answer blank. Enter zero if applicable.

$02$:$36$:$32$

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d$.$ Assume the fair market value of the land is $$45,000$ rather than $$105,000.$ How much gain must Shadiya recognize $($if any$)$ as a result of the distribution, what is her basis in her Carolina Corporation stock after the distribution, and what is her basis in the land?

$\backslash$table$[[$Gain recognized,$],[$Stock basis,$],[$Land basis,$]]$