Problem 20-24 (c) (LO. 1) Pursuant to a complete liquidation, Kobos Corporation distributes to its shareholders land held for ten months as an investment (adjusted basis of $65,000, fair market value of $50,000). The land is subject to a liability of $55,000. a. What are the tax consequences to Kobos Corporation on the distribution of the land? Kobos Corporation would recognize of $ on the distribution. b. If the land is, instead, subject to a liability of $30,000, Kobos Corporation has a recognized of $ on the distribution. > Problem 20-24 (C) (LO. 1) Pursuant to a complete liquidation, Kobos Corporation distributes to its shareholders land held for ten months as an investment (adjusted basis of $65,000, fair market value of $50,000). The land is subject to a liability of $55,000. a. What are the tax consequences to Kobos Corporation on the distribution of the land? Kobos Corporation would recognize of $ on the distribution. short-term capital gain b. If the land is, instead, subject Kobos Corporation has a recognized long-term capital gain of $ short-term capital loss n. > long-term capital loss dividend Income Problem 20-24 (C) (LO. 1) Pursuant to a complete liquidation, Kobos Corporation distributes to its shareholders land held for ten months as an investment (adjusted basis of $65,000, fair market value of $50,000). The land is subject to a liability of $55,000. a. What are the tax consequences to Kobos Corporation on the distribution of the land? Kobos Corporation would recognize of $ on the distribution. b. If the land is, instead, subject to a liability of $30,000, Kobos Corporation has a recognized of $ on the distribution. short-term capital gain long-term capital loss long-term capital gain short-term capital loss dividend income