Tar Heel Corporation Had Current and Accumulated E&P of $500,000

question 19

Multiple Choice

Tar Heel Corporation had current and accumulated E&P of $500,000 at December 31, year 1.On December 31, the company made a distribution of land to its sole shareholder, William Roy.The land's fair market value was $100,000 and its tax and E&P basis to Tar Heel was $25,000.William assumed a mortgage attached to the land of $10,000.The tax consequences of the distribution to William in year 1 would be:

• A)$100,000 dividend and a tax basis in the land of $100,000.
• B)$100,000 dividend and a tax basis in the land of $90,000.
• C)Dividend of $90,000 and a tax basis in the land of $100,000.
• D)Dividend of $90,000 and a tax basis in the land of $90,000.

Acknowledge the subjectivity involved in the interpretation of projective tests

Understand the purpose and methodology of the Myers-Briggs Type Indicator (MBTI) in assessing personality types.

Recognize the limitations and criticisms of personality tests, particularly in terms of reliability and validity.

Understand the concept of possible selves and its influence on behavior and motivation.

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Definitions:

Indifferent Toward Mothers

A behavioral observation in attachment theory where infants or young children show no preference between their mothers and complete strangers.

Preoperational Stage

The second stage in Piaget's theory of cognitive development, occurring roughly between the ages of 2 and 7, characterized by symbolic thinking and egocentrism but a lack of operational thought.

Sensorimotor

Refers to the first stage in Piaget's theory of cognitive development, characterized by infants learning through physical interaction with their environment.

Concrete Operational

A stage in Piaget’s theory of cognitive development where children are able to think logically about concrete events.