Blue Corporation Distributes Land and Building Having a $70,000 Adjusted

question 12

Multiple Choice

Blue Corporation distributes land and building having a $70,000 adjusted basis and a $200,000 FMV to its sole shareholder, Marina. Blue has current and accumulated E & P exceeding $100,000. The property is subject to a $120,000 mortgage, which Marina assumes. What is the amount of the taxable dividend received by Marina?

• A)$0
• B)$70,000
• C)$80,000
• D)$100,000

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