3 Southern Corp , an S corporation, has no corporate E P from years as a C corp At the end of the year, it distributes a baseball court to its 50 shareholder, Jack, in an operating distribution The fair market value of the court is $80,000, and its tax basis is $50,000 Mr Jack's basis in his stock is $15,000 A How much gain (loss) does Mr Jack recognize as a result of the distribution (there may be more than one gain loss recognized or none) B What is Mr Jack's basis in his stock after the distribution C What is Mr Jack's basis in the baseball court

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3  Southern Corp , an S corporation, has no corporate E P from years as a C corp  At the end of the year, it distributes a baseball court to its 50  shareholder, Jack, in an operating distribution  The fair market value of the court is $80,000, and its tax basis is $50,000  Mr  Jack's basis in his stock is $15,000  A  How much gain (loss) does Mr  Jack recognize as a result of the distribution (there may be more than one gain loss recognized or none)  B  What is Mr  Jack's basis in his stock after the distribution  C  What is Mr  Jack's basis in the baseball court

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3. Southern Corp., an S corporation, has no corporate E&P from years as a C corp. At the end of the year, it distributes a

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