Turnip, Inc,, a Corporation, distributes a tract of land held as an investment (FMV=$82,000, basis=$22000) to Chang, its majority (60%) shareholder in exchange for all of its stock. Turnip, Inc. has accumulated E & P of $50,000 and a marginal tax rate of 39%. CHang's basis in his Turnip's stock is $20,000 and has an individual marginal tax rate of 33%, a lont-term capital gains tax of %15, and $100,000 of other long-term gains. The distribution qualifies A corporate liquidation. Chang held the stock for three years. What is the tax impact of the distribution to Turnip, Inc.? What is the ammount of Chang's distribution? What is the tax impact of the distribution to Chang? What is CHang's basis in the land? Same as above but the land is subjject to a liability of $100,000