QUESTION 21 Charla received Preferred Stock as a Nontaxable Common Stock Dividend in 2021 from Marisa Corporation. The value of the Preferred Stock when received by Charla was $30,000 and the value of the Common Stock was $20,000. Charla acquired the Common Stock in 2019 for $60,000 and Marisa Corporation's Earnings And Profits (E&P) was $50,000 on the date of distribution of the Preferred Stock. Six (6) months after the receipt of the Preferred Stock, Charla redeemed (sold back to Marisa Corporation) the Preferred Stock for $80,000. The Ordinary Income (Dividend Income) for Charla as a result of the redemption of the Preferred Stock is: O $30,000. $24,000. $50,000. $80,000. QUESTION 22 Peters Corporation acquired Land in a Section 351 Transfer in 2018. The Land had an Adjusted Basis of $550,000 and a Fair Market Value of $500,000 on the date of the transfer. Peters Corporation has two (2) shareholders, Fortune and Lawson, who are not related to each other. Fortune owns sixty percent (60%) of the stock of Peters Corporation and Lawson owns forty percent (40%) of the stock of Peters Corporation. Peters Corporation adopts a plan of Complete Liquidation in 2020. At the time of the distribution of the Land pursuant to the liquidation plan, the Land had decreased in value (Fair Market Value) to $400,000. Peters Corporation distributes the Land to Lawson. What amount of the Loss may Peters Corporation recognize on the distribution of the Land to Lawson? $100,000. $ -0- $ 50,000. $150,000.