Jane Receives a Nonliquidating Distribution of Land with a Fair

question 69

Multiple Choice

Jane receives a nonliquidating distribution of land with a fair market value of $30,000 and a basis of $18,000 from Strickland Corporation,an S corporation.Jane's basis in the stock is $46,000.What must Jane and Strickland report as income from the property distribution?
Jane Strickland

• A)$-0- $-0-
• B)$12,000 $-0-
• C)$-0- $12,000
• D)$12,000 $12,000

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