44) Specialty Corporation distributes land to one of its shareholders, Sam, as part of a plan of liquidation The land, which was used in Specialty's business, has an adjusted basis of $50,000 and a FMV of 5130,000 on the date of distribution. Sam's basis in Specialty Corporation stock is $100,000 What is the amount and character of the gain/loss recognized by Specialty Corporation? What is the amount and character of the gain/loss recognized by Sam? 52) Brett, a 50% owner of Atlas Corporation's common stock, receives a distribution of a new class of Atlas preferred stock having a $40,000 FMV Bret's basis in the Atlas common stock is $30,000 Its FMV is $80,000 on the distribution date One year later the corporation redeems the preferred stock for $75,000 At the time the stock was issued the corporation's current and accumulated E&P was $80 000 At the end of the year of redemption the current and accumulated EXP is $25,000. No other distributions out of E&P were made in the year of redemption What are the tax consequences of the transaction? 46) John has a basis of $38,000 in his 1,000 shares of Acom Corporation stock (a capital asset). The stock was acquired three years ago. He receives the following distrbutions as part of a plan of liquidation of Acom Corporation Date Amount March 31, 2020 $10,000 July 15, 2020 10,000 November 15, 2020 10,000 January 15 2021 10,000 What are the amount and character of the gain or loss that John will recognize during 2020? During 2021