Question 7 (1 point) Listen Michigan Berry Corporation (MBC) distributes land with a fair market value of $214,000 to its sole shareholder. MBC's adjusted tax basis in the land is $110,000. MBC will not be taxed on a gain on the distribution if it has a deficit of ($270,000) in E&P. True False Question 8 (1 point) Listen This year the shareholders in Lucy's Pizza Corporation can choose between receiving an additional 200 shares of stock or cash of $1,000. Lucy's Pizza shareholders will be taxed on the distribution if Lucy's Pizza has sufficient E&P. True False