An S Corporation Distributes Land with a Basis of $60,000

question 27

Multiple Choice

An S corporation distributes land with a basis of $60,000 and a FMV of $90,000 to its shareholder.The tax results of the distribution will be

• A)no gain to the corporation or to the shareholder.
• B)$30,000 of gain recognized by the S corporation and no pass-through to the shareholder.
• C)no gain recognized by the corporation but $30,000 of gain recognized by the shareholder.
• D)$30,000 of gain recognized by the S corporation which is passed through to the shareholder.

Recognize the settings in which leadership occurs and identify the complexity of the leadership process.

Understand the concept of power in leadership, specifically French and Raven's legitimate power.

Distinguish between leadership as a process involving influence and traditional views of leadership as positional authority.

Define the characteristics of effective communication for emerging leaders in group projects.

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Definitions:

Pension Fund Asset

Financial resources that a pension fund holds to meet future obligations to participants, including equities, bonds, real estate, and other investments.

Defined Contribution Pension Plan

A retirement plan where employers, employees, or both make contributions on a regular basis, but the benefits received depend on the plan's investment performance.

Balance Sheet

A financial statement that provides a snapshot of a company's financial position, including assets, liabilities, and shareholders' equity at a specific point in time.

Pension Expense

An expense recognized by companies related to the cost of providing pension benefits to employees, calculated according to actuarial estimates and accounting standards.