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Flagship Corporation has distributed its asset of land subject to a liability to its two shareholders, Ben and Bob, in complete liquidation. Details on the

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Flagship Corporation has distributed its asset of land subject to a liability to its two shareholders, Ben and Bob, in complete liquidation. Details on the land: FMV = $250,000, Liability = $300,000, Basis = $100,000. The tax effect of this transaction to Flagship is: = a b 0 0 0 0 $50,000 gain $150,000 gain $200,000 gain $50,000 loss d

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