Question
24) In a nonliquidating distribution, A Corporation distributes property along with a mortgage of $80,000. FMV of the property is $180,000 and basis is $20,000.
24) In a nonliquidating distribution, A Corporation distributes property along with a mortgage of $80,000. FMV of the property is $180,000 and basis is $20,000. What is A's tax treatment on the distribution of the property?
a Loss of $15,000
b Gain of $45,000
c Gain of $70,000
d Gain of $160,000
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Using Accounting & Financial InformationAnalyzing, Forecasting, And Decision Making
Authors: Mark S. Bettner
2nd Edition
1947098683, 9781947098688
