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18. Identify which of the following statements is true.

A) With limited exceptions, a loss can be recognized by a liquidating corporation when it makes a liquidating distribution of property that has declined in value.

B) When computing the corporate-level gain on a liquidating distribution, the FMV of the property cannot exceed the liability assumed or acquired by the shareholder.

C) The FMV of property distributed by a liquidating corporation can be less than the amount of the liability assumed or acquired by the shareholder.

D) All of the above are false.

21. Under a plan of complete liquidation, NEIU Corporation distributes land with a $250,000 adjusted basis and a $350,000 FMV to Veronica, a 30% shareholder. Veronica has a $150,000 basis in her NEIU stock. The land is inventory in the hands of NEIU Corporation. NEIU Corporation must recognize

A) no gain.

B) $100,000 of long-term capital gain

C) $100,000 of ordinary income.

d) $350,000 of ordinary income.