Question
Lou Corp. distributed land worth $50,000 to its sole shareholder. The land had a basis of $70,000 and was subject to a mortgage of $30,000.
Lou Corp. distributed land worth $50,000 to its sole shareholder. The land had a basis of $70,000 and was subject to a mortgage of $30,000. Lou's E&P before any adjustments for the distribution is $100,000. How much is the net decrease to Lou's E&P? A. $40,000 B. $70,000 C. $80,000 D. $100,000
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Construction Safety Auditing Made Easy A Checklist Approach To OSHA Compliance
Authors: Kathleen Hess-Kosa
2nd Edition
0865879796, 978-0865879799
