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:

Antipsychotics

Medications primarily used to manage psychosis, including delusions, hallucinations, or disordered thought, in conditions such as schizophrenia and bipolar disorder.

Suicide Prevention

Efforts, strategies, and interventions aimed at reducing the risk and incidence of suicide.

Substance Abuse Treatment

Programs and therapies aimed at helping individuals recover from the abuse of drugs or alcohol, including counseling, medication, and support groups.

Eating Disorder Clinics

Medical facilities specializing in the treatment and support of individuals with eating disorders such as anorexia and bulimia.