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I need help with this questions: Bebop, Inc. distributes investment property to its shareholders. The property was acquire five years ago and has a basis
I need help with this questions:
Bebop, Inc. distributes investment property to its shareholders. The property was acquire five years ago and has a basis of $ 50,000 and a market value of $80,000.
a. How will this distribution be treated for Tax purposes at both the corporate and shareholder levels if Bebop is a C Corporation?
b. If Bebop, Inc. was an S Corporation, How would your answer to part a. differ?
c. If the company was a partnership, how would the distribution be treated for tax purposes at the partnership and partner levels?
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