A Corporation Distributes Land with a FMV of $85,000 (Basis

question 19

Multiple Choice

A corporation distributes land with a FMV of $85,000 (basis $50,000) .The land has a mortgage of $95,000 assumed by the shareholder.Gain to the corporation is

• A)$0.
• B)$10,000.
• C)$35,000.
• D)$45,000.

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