Cavalier Corporation Had Current and Accumulated E&P of $500,000 at December

question 79

Multiple Choice

Cavalier 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, Tom Jefferson.The land's fair market value was $200,000 and its tax and E&P basis to Cavalier was $50,000.The tax consequences of the distribution to Cavalier in year 1 would be (assume a 0 percent marginal tax rate for Cavalier) :

• A)No gain recognized and a reduction in E&P of $200,000.
• B)$150,000 tax and E&P gain recognized and a reduction in E&P of $200,000.
• C)$150,000 tax and E&P gain recognized and a reduction in E&P of $50,000.
• D)No gain recognized and a reduction in E&P of $50,000.

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Definitions:

Higher-order Conditioning

A complex form of classical conditioning where a stimulus is paired with a previously conditioned stimulus, creating a new conditioned response.

Neutral Stimulus

A stimulus that initially produces no specific response other than focusing attention.

Unconditioned Stimulus

A stimulus that naturally and automatically triggers a response without any prior learning.

Aquarium Light

A specialized form of lighting designed to simulate natural light and promote the health and behavior of aquatic plants and animals in aquariums.