Navy Corporation Has E & P of $240,000

question 140

Multiple Choice

Navy Corporation has E & P of $240,000. It distributes land with a fair market value of $70,000 (adjusted basis of $25,000) to its sole shareholder, Troy. The land is subject to a liability of $55,000 that Troy assumes. Troy has:

• A) A taxable dividend of $15,000.
• B) A taxable dividend of $25,000.
• C) A taxable dividend of $45,000.
• D) A taxable dividend of $70,000.
• E) A basis in the machinery of $55,000.

Differentiate between edible and poisonous fungi.

Identify the role of fungi in disease, both in humans and in wildlife.

Understand the role of fungi in scientific research, particularly in genetics.

Know the composition and function of fungal cell walls.

---

Definitions:

Unemployed Families

Households in which the primary earners or the adults capable of working are without employment and are actively seeking work.

In-Kind Benefit

Goods, services, or assistance provided to individuals instead of cash, often used in government welfare programs or charitable aid.

Medicaid

A joint federal and state program in the United States that helps cover medical costs for individuals and families with limited income and resources.

Social Security

A government program that provides financial assistance to people with an inadequate or no income, particularly the elderly, disabled, and unemployed.