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23. Olympic Corporation distributed real estate with a FMV of $500,000 to its sole shareholder, Joshua. Olympics basis in the real estate is $400,000. What
23. Olympic Corporation distributed real estate with a FMV of $500,000 to its sole shareholder, Joshua. Olympics 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? - $0 gain/loss to Olympic; $400,000 basis to Joshua - $100,000 gain to Olympic; $400,000 basis to Joshua - $0 gain/loss to Olympic; $500,000 basis to Joshua - $100,000 gain to Olympic; $500,000 basis to Joshua
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