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Ima Lone, the sole shareholder of Lone Star, Inc, a S corporation, receives a distribution of corporate land (fmv $50,000, basis $30,000); her corporate basis

Ima Lone, the sole shareholder of Lone Star, Inc, a S corporation, receives a distribution of corporate land (fmv $50,000, basis $30,000); her corporate basis is $40,000. Explain the effect on the corporation and the shareholder.

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