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ACCT TAX Bill incorporated his business four years ago and owns 100 percent of its stock. The corporation distributes a piece of land, used as
ACCT TAX
Bill incorporated his business four years ago and owns 100 percent of its stock. The corporation distributes a piece of land, used as a parking lot for the customers, to Bill. Bill's basis in his stock is $21,000, the land has a basis of $7,000 and a value of $24,000, and E&P is $5,000. 1. What are the tax consequences to the corporation? 2. To Bill?
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Frank Woods Business Accounting An Introduction To Financial Accounting
Authors: Alan Sangster, Lewis Gordon, Frank Wood
15th Edition
1292365439, 9781292365435
