Compare the tax consequences to the shareholder and the distributing corporation of the following three kinds of corporate distributions: ordinary dividends, stock redemptions, and complete liquidations. Complete the following paragraph.

Ordinary dividend distributions require the distributing corporation to recognize ____________

(gain/loss/gains but no loss/loss but no gains) when distributing noncash property as a dividend.

The shareholder reports _____________________________________________when the distribution comes from earnings and profits (E&P).

Stock redemptions require the distributing corporation to recognize _______________________ (gain/loss/gains but no loss/loss but no gains) when distributing noncash property.

The shareholder reports ___________________________________________.

Complete liquidations require the distributing corporation to recognize _____________________ (gain/loss/gains but no loss/loss but no gains) when distributing noncash property unless one of a series of limited exceptions applies to loss recognition.

The shareholder reports ______________________________________.