Z

Font Pa ra g rap h Styles 58) Hazel is the sole shareholder of Maple Corporation In 2020 Maple operated as a C Corporation and reported S 15=000 of taxable income (and earnings and profits)_ On January 1. 2021. Maple elected S Corporation status. During 2021 Maple reported S12.OOO of ordinary business incorne and no separately stated items. It also distributed to Hazel. What is the arnount and character Of incorne Hazel rnust recognize on the distribution? What is Hazel's stock basis at the end of 2021 (aner accounting for the distribution) if her basis at the beginning of the year xvas SS .000? S) During 2020, CDE Corporation Can S corporation since its inception in 2018) liquidates by distributing a parcel of land to its sole shareholder. Clark The fair market value of the land at the time Of the distribution Was S 100_000 and CDE's tax basis the properr-s Was S30,OOCy Before considering the effects of the distribution: basis his CDE stock S40.OOO_ What amount of gain (loss). if any. does CDE recognize on the distribution? What of or loss, If any. Joes Clark On the and what's his in the Voice ! Sensitivr