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

question 29

Multiple Choice

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

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

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Definitions:

Feminist Theories

A diverse set of ideas aiming to understand and address the inequalities faced by women in society, analyzing the social roles, experiences, and interests of women.

Gender Role

A set of societal norms dictating the types of behaviors which are generally considered acceptable, appropriate, or desirable for a person based on their actual or perceived sex.

Genetic Program

The predetermined sequence of developmental or behavior patterns in organisms due to the expression of genes.

Male or Female Genitals

The external and internal reproductive organs in males and females, respectively, involved in sexual reproduction and function.