Topper Corporation Makes a Liquidating Distribution of Land to Its

question 3

Multiple Choice

Topper Corporation makes a liquidating distribution of land to its sole shareholder Tonya.Topper purchased the land several years ago for $150,000,and the land was recently appraised at $120,000 of value.Tonya purchased her stock three years ago for $65,000.What is the amount of gains or losses recognized by Topper Corporation and Tonya?

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Definitions:

Centralised Authority

An organizational structure where decision-making powers are concentrated at the top levels of management, leading to a more uniform and controlled implementation of policies.

Contingent Design

An approach that adjusts strategies or structures based on specific situations or contexts.

Environmental Forces

External factors such as social, political, legal, and technological changes that can impact an organization's operation.

Cultural Diversity

The presence of a variety of cultural or ethnic groups within a society or organization, contributing to a richer set of values, beliefs, and practices.