Gordon transfers cash of $150,000 and land worth $350.000 to Gold Corporation for 100% of the stock in Gold Gold is a C corporation. In the first year of operation, Gold has net taxable income of $70,000. If Gold distributes $50.000 to Gordon e Gordon has no taxable income from the distribution Gold Corporation has a tax deduction of $50.000, Gold Corporation reduces its basis in the land to $300,000 Gold Corporation has a tax deuction of $50.000 and Gordon has taxable income of $50.000 Gordon has taxable income of $50.000 A thorough tax practitioner will generate a memorandum to the client's file as a means to communicate the research results. The file memorandum is not designed to: Organize the facts, issues, and conclusions. Provide the Internal Revenue Service with the tax researcher's analysis and conclusion Allow for subsequent examinations of research issues with respect to the same or similar facts. The research memorandum is design to facility all of the choices. Facilitate a review of the research activities by the practitioner's supervisors or colleagues