Robin Transferred Her 60 Percent Interest to Cardinal Company as Part

question 66

Multiple Choice

Robin transferred her 60 percent interest to Cardinal Company as part of a complete liquidation of the company.In the exchange she received land with a fair market value of $800,000.Robin's basis in the Cardinal stock was $900,000.The land had a basis to Cardinal Company of $1,000,000.What amount of loss does Cardinal recognize in the exchange and what is Robin's basis in the land she receives? The distribution was non-pro rata to Robin, a related person.

• A)$200,000 loss recognized by Cardinal and a basis to Robin in the land of $1,000,000.
• B)$200,000 loss recognized by Cardinal and a basis to Robin in the land of $800,000.
• C)No loss recognized by Cardinal and a basis to Robin in the land of $1,000,000.
• D)No loss recognized by Cardinal and a basis to Robin in the land of $800,000.

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