Examlex

Solved

In the Current Year, Dove Corporation (E & P of $1

question 63

Multiple Choice

In the current year, Dove Corporation (E & P of $1 million) distributes all of its property in a complete liquidation. Alexandra, a shareholder, receives land having a fair market value of $100,000. Dove Corporation had purchased the land as an investment three years ago for $75,000, and the land was distributed subject to a $70,000 liability. Alexandra took the land subject to the $70,000 liability. What is Alexandra's basis in the land?


Definitions:

Blast

A sudden, violent blow or impact, often referring to explosions or powerful gusts of wind, but can also describe the rapid growth and proliferation of cells in a specific context like biology or medicine.

Cidal

A term used in biology and pharmacology to describe agents or substances that kill or destroy, often used in the context of bacteria (bactericidal) or fungi (fungicidal).

Bi-

A prefix meaning two, twice, or double.

Pan-

A prefix meaning "all" or "every," used to indicate inclusiveness or universality.

Related Questions