Blizzard Corporation, an S corporation, distributes land used in its business to Clark, its sole shareholder. The land has a $70,000 adjusted basis and a $112,000 FMV. Clark assumes a $15,000 mortgage secured by the land distributed to him. Immediately before the distribution, Clark's basis in the Blizzard stock is $175,000, which includes his share of ordinary income and separately stated items for the current year (other than any gains or losses recognized because of the distribution). Blizzard always has been an S corporation. Read the requirements. Requirement a. What are the tax consequences of the distribution to Blizzard and Clark? Blizzard Corporation recognizes a $ , which Clark reports C income from the distribution. Calculate Clark's stock basis after the distribution. (If an input field is not used in the table leave the input field empty, do not select a label or enter a zero.) Stock basis before the distribution Plus: Minus: Stock basis after the distribution Requirement b. What is Clark's basis in the land? Clark's basis in the land is $ L mar an cean. an Choose from any list or enter any number in the input fields and then continue to the next question. ULITO PO POUUDIO Blizzard Corporation, an S corporation, distributes land used in its business to Clark, its sole shareholder. The land has a $70,000 adjusted basis and a $112,000 FMV. Clark assumes a $15,000 mortgage secured by the land distributed to him. Immediately before the distribution, Clark's basis in the Blizzard stock is $175,000, which includes his share of ordinary income and separately stated items for the current year (other than any gains or losses recognized because of the distribution). Blizzard always has been an S corporation. Read the requirements Calculate Clark's stock basis after the distribution. (If an input field is not used in the table leave the input field empty, do not select a label or enter a zero.) Stock basis before the distribution Plus: Minus: Stock basis after the distribution Requirement b. What is Clark's basis in the land? Clark's basis in the land is $ Requirement c. How would your answer to Part a change if the land instead had a $100,000 adjusted basis and a $65,000 FMV? (Enter a $0 for any zero amounts.) The corporation recognize the $ , which is Clark reports $ , and Clark takes a $ L basis income from the distribution. The stock basis after the distribution is $ in the land. Choose from any list or enter any number in the input fields and then continue to the next question. immuuni