Blue Corporation Distributes Land and Building Having a $70,000 Adjusted

question 67

Multiple Choice

Blue Corporation distributes land and building having a $70,000 adjusted basis and a $200,000 FMV to its sole shareholder,Marina.Blue has current and accumulated E&P exceeding $200,000.The property is subject to a $120,000 mortgage,which Marina assumes.What is the amount of the taxable dividend received by Marina?

• A)$0
• B)$70,000
• C)$80,000
• D)$130,000

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Definitions:

Seminal Vesicles

Glands in the male reproductive system that produce the majority of the fluid in semen.

Prostate Gland

A gland in the male reproductive system that produces components of semen.

Seminal Fluid

A biofluid that contains spermatozoa and is secreted by the male reproductive organs, facilitating transport and survival of sperm during reproduction.

Spermatogenesis

The process by which a sperm develops from a spermatid.