Question: To calculate a gain or a loss from a sale or other disposition of property pursuant to the IRC section you cited in Question #25, a taxpayer needs to know two numbers. What are those two numbers? 26. 27. Put your answer on the ANSWER SHEET.... Put your answer on the ANSWER SHEET........ Question: Taxpayer A has an asset with a fair market value of $10,000 and an adjusted basis of $5,000. Does that asset have a "BIG" (i.e., a built-in gain) or a "BIL" (I.e., a built-in loss)? 28. Put your answer on the ANSWER SHEET........ Question: What is the amount of the BIG or the BIL for Taxpayer A's asset described in Question #28? 29. Put your answer on the ANSWER SHEET........ Question: Give an example of a business entity under the Check-the-Box Treasury regulations whose income is subject to two layers of income tax. 30. Put your answer on the ANSWER SHEET........ Question: Give an example of a business entity under the Check-the-Box Treasury regulations whose income is subject to one layer of income tax. 31. Put your answer on the ANSWER SHEET...... Question: What IRC section governs the taxation of a C corporation shareholder's receipt of a distribution from his or her C corporation? 32. Put your answer on the ANSWER SHEET........ Question: A C corporation has $10,000 in accumulated earnings and profits and $5,000 in current earnings and profits. The C corporation distributes $12,000 to its shareholder. How much of the $12,000 distribution will be taxed as dividend? 33. Extra Credit: Put your answer on the ANSWER SHEET..... Question: In what section of the IRC will a taxpayer find a definition of "taxable income"? Put your answer on the ANSWER SHEET.......