Question
rob 2 XYZ corporation (E & P $1,000,000) distributes machinery, adjusted basis $80,000 Fair Market Value of $200, 000 to sole shareholder-Johnson. The property
rob 2 XYZ corporation (E & P $1,000,000) distributes machinery, adjusted basis $80,000 Fair Market Value of $200, 000 to sole shareholder-Johnson. The property is subject to Liability of $50,000 which shareholder assumes (A) How much dividend Johnson report (B) What is his basis in the machinery What is the effect on corporation's earnings and E & P
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Financial Accounting
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
3rd edition
9780077506902, 78025540, 77506901, 978-0078025549
