The 2 Questions are the scenario

There are 2 questions that relate to this scenario: 22 - Tobin Corporation distributed machinery ($10,000 adjusted basis, $150,000 fair market value) to its sole shareholder, Torri. The property is subject to a $50,000 mortgage, which Torri assumed. As a result of this transaction, Torri has DIVIDEND INCOME 0 150,000 100.000 140,000 Question 23 ots 123. Tobin Corporation distributed machinery ($10.000 adjusted basis. $150,000 fair market value to its sole shareholder, Torri. The property is subject to a $50,000 mortgage, which Torri assumed. As a result of this transaction. Torri has a BASIS in the property: 100.000 150,000 120.000