Please ignore question 14.

- 13. Magenta Corporation acquired land in a $ 351 exchange one year ago. The land ha fair market value of $350,000 on the date of the tran exchange one year ago. The land had a basis of $320,000 and a et vullie of $350,000 on the date of the transfer. Magenta Corporation has two shareholders, Mark (10%) and Megan (30%), who are brother and sister. Magenta Corporation adopts a plan of liqui current year. On this date, the land has decreased in value to $250,000. Magenta Corporation selt Juvu ana distributes the proceeds pro rata to Mark and Megan. What amount of loss may Magenta Corporation recognize on the sale of the land? a. $0 b. $21,000 c. $30,000 d. $70,000 e. None of these 55,000 - 40,000 215,000 14. Robin Corporation distributes furniture (basis of $40,000: fair market value of $50,000) as a property dividend its shareholders. The furniture is subject to a liability of $55.000. Robin Corporation recognizes gan a. $55.000. b. $15,000. Liability - ban's c. $10,000 d. $0. 50 e. None of these _ 15. Interpret the following citation: 64-1 USTC 49618, aff'd in 344 F.2d 966. a. A U.S. Tax Court Small Cases Division decision that was affirmed on appeal. - b. A U.S. Tax Court decision that was affirmed on appeal. C. U.S. District Court decision that was affirmed on appeal. d. A U.S. Court of Appeals decision that was affirmed on appeal. e. None of these. Huntintries Corneration that become worthless in th