Mini-Skits Ltd., owned by one shareholder, owns one asset, a building worth $100,000 with a zero basis. The shareholder’s stock basis is $20,000. A plan of complete liquidation is adopted. What are the tax consequences to both parties in each of the following cases? 

a.The building is deeded to the shareholder, Bill Jones, who is taxed under Code Sec. 331.

b.The building is sold for an installment note that is distributed to Bill. 

c.Mini-Skirts Ltd. Sells the building and presents a cashier’s check for $100,000 to Bill. 

d.The building is deeded to the shareholder, Bill Inc., in a Code Sec. 332 liquidations.