Mario Receives a Liquidating Distribution of Land with a Fair

question 3

Short Answer

Mario receives a liquidating distribution of land with a fair market value of $19,000 and a basis of $15,000 from Blithe Corporation,an S corporation.Mario's basis in the stock is $21,000.What must Mario and Blithe report as income (loss)from the property distribution?
$\begin{array} { l }& \text {Mario }& \text {Blithe }\\a. &\$-0-& \$-0-\\b. &\$(2,000) &\$ 4,000 \\c. & \$(6,000) & \$-0- \\d. & \$(6,000) & \$ 4,000 \\\end{array}$

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