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Dried Fruit Corp. has had a valid S Corp election in effect at all times since its incorporation. The Dried Fruit Corp. stock is owned
Dried Fruit Corp. has had a valid S Corp election in effect at all times since its incorporation. The Dried Fruit Corp. stock is owned onethird by Raisin and twothirds by Prune. All shareholders are US resident citizen individuals. At the beginning of the current year, Raisins basis in his shares was $ and Prunes basis in her shares was $ During the current year, Dried Fruit Corp. earned $ of net income from operations. Raisins share was $; Prunes share was $ On December st Dried Fruit Corp. distributed Grapeacre real property having a fair market value of $ and a basis of $ to Raisin and Plumacre real property having a fair market value of $ and a basis of $ to Prune. How much gain does Prune recognize as a result of this transaction?
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