An S Corporation Distributes Land with a Basis of $60,000

question 27

Multiple Choice

An S corporation distributes land with a basis of $60,000 and a FMV of $90,000 to its shareholder.The tax results of the distribution will be

• A)no gain to the corporation or to the shareholder.
• B)$30,000 of gain recognized by the S corporation and no pass-through to the shareholder.
• C)no gain recognized by the corporation but $30,000 of gain recognized by the shareholder.
• D)$30,000 of gain recognized by the S corporation which is passed through to the shareholder.

---

Definitions:

Social Expectations

The anticipated standards or behaviors that society believes individuals should conform to in various social contexts.

Emotional Experiences

Intense feelings that arise in response to internal or external events, significantly contributing to an individual's psychological state.

India and England

Refer to the historical, cultural, and political relations between the Republic of India and England, including colonial ties and subsequent independence.