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During 2014, CDE Corporation (an S corporation since its inception in 2012) distributed a parcel of land to its sole shareholder Clark. The fair market value of the land at the time of the distribution was $80,000 and CDE's tax basis in the property was $30,000. Before considering the effects of the distribution, Clark's basis in his CDE stock was $10,000. What amount of gain, if any, does CDE recognize on the distribution? What amount of income, if any, does Clark recognize on the distribution and what is Clark's basis in his CDE stock after accounting for the distribution?
Estrogen
A group of steroid hormones that play a critical role in female reproductive and sexual health, but also affect many other tissues and organs.
Sexual Orientation
An enduring pattern of emotional, romantic, or sexual attractions to men, women, both, neither, or another gender.
Surveys
A method of gathering data from a large number of respondents, typically by asking them questions.
Homosexual Behaviors
refer to sexual activities and attractions between individuals of the same sex.
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