An S Corporation Distributes Land to Its Shareholders

question 98

Multiple Choice

An S corporation distributes land to its shareholders. The land has a $60,000 basis and a $90,000 FMV. The basis of the land to the shareholders is

• A)$0.
• B)$30,000.
• C)$60,000.
• D)$90,000.

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Definitions:

Condensed Structures

A method of writing the structure of a molecule in a simplified way, showing how atoms or groups are connected.

Compounds

Substances composed of two or more elements chemically bonded together.

Line-Angle Structure

A graphical representation of chemical structures wherein bonds between atoms are shown as lines, and atom junctions or line ends imply carbon atoms, streamlining the depiction of molecular structures.

Condensed Structure

A method of writing a structural formula of a molecule that shows the arrangement of atoms without drawing all bonds explicitly.