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Cavalier Corporation had current and accumulated E&P of $500,000 at December 31 20X3. 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 20X3 would be:
Excise Tax
A tax imposed on specific goods, services, or transactions, often with the aim of discouraging their use or raising revenue.
Hamburgers
A popular fast-food item typically made of ground beef, chicken, or other meats, served inside a split bun.
Government's Revenue
The total income received by the government from its various sources, including taxes, fees, fines, and other charges, used to fund public services and obligations.
Excise Tax
A type of tax charged on goods produced within the country; it is often levied on items such as alcohol, tobacco, and gasoline.
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