Wills Corporation, Which Has Accumulated a Current E&P Totaling $70,000

question 60

Multiple Choice

Wills Corporation, which has accumulated a current E&P totaling $70,000, distributes land to its sole shareholder, an individual. The land has an FMV of $75,000 and an adjusted basis of $60,000. The shareholder assumes a $15,000 liability associated with the land. The transaction will have the following tax consequences.

• A)The corporation will recognize a $15,000 gain; the shareholder will recognize dividend income of $75,000.
• B)The corporation will recognize no gain; the shareholder will recognize dividend income of $75,000.
• C)The corporation will recognize a $15,000 gain; the shareholder will recognize dividend income of $60,000.
• D)The corporation will recognize no gain; the shareholder will recognize dividend income of $60,000.

Identify and explain ageism and its effects on society.

Comprehend the factors affecting retirement and financial well-being in older age.

Recognize the stereotypes and realities of aging, especially regarding health and sexuality.

Describe the roles and experiences of custodial grandparents.

---

Definitions:

Organized System

A structured set of components or entities that are interrelated and work together towards a particular goal or set of objectives.

Assumptions

Beliefs or statements taken for granted without proof.

Phenomena

Observable events or occurrences that can be investigated scientifically to understand their underlying principles.

Theory

An organized system of assumptions and principles that purports to explain a specified set of phenomena and their interrelationships.