During 1992, the Mo-Bandy Corporation distributed the following assets to Mo the sole shareholder: Asset AB FMV Liabilities Building $500,000 $600,000 $400,000 Cash $100,000 100,000 NA Land $55,000 175,000 $75,000 A/R 80,000 60,000

Determine the taxable gain/loss on the distribution and state the tax authority.

Determine the net E&P effects of the distributions

Determine R's AB in the building-state your authority