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sorry! just realized the question is worded strangely. the photo given is the whole question Peach Tree Corp. has no accumulated or current earnings and
sorry! just realized the question is worded strangely. the photo given is the whole question Peach Tree Corp. has no accumulated or current earnings and profits through December 31st of the current year. On December 31st Peach Tree Corp, distributes to Grape, its sole shareholder a parcel of land with a basis of $1,080,000 and a fair market value of $2.280,000, subject to a mortgage of 51.680,000, which Grape assumed. Grape's basis in the stock is $600,000. Grape plans on growing fruit trees on this land. $2,200,000 51.200.000 51.680.000 O 5600,000
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