What is a tax consequence for a noncorporate shareholder who receives a liquidating distribution from a corporation? O The property received is full payment in exchange for the shareholder's transferred stock. The shareholder's basis in the property equals the corporation's basis in the property. The corporation's basis in the property is used to calculate the shareholder's gain or loss. The shareholder does not assume the corporation's liability on the property received. NEXT > BOOKMARK Question navigation 49 50 50 51 52 53 54 >