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Lamb Corporation (an S corporation) distributes property to its sole shareholder, Sarah. The property has a $175,000 basis and $350,000 fair market value. Prior to
Lamb Corporation (an S corporation) distributes property to its sole shareholder, Sarah. The property has a $175,000 basis and $350,000 fair market value. Prior to the distribution, Sarah's basis is $200,000.
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In an S corporation nondividend distributions generally affect the shareholders basis in the S corpo...
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CCH Federal Taxation Basic Principles 2020
Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback
2020 Edition
0808051784, 9780808051787
