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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
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. a)What are the tax consequences to the corporation?b)To Bill? |
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