Jane Receives a Nonliquidating Distribution of Land with a Fair $\quad$

question 50

Short Answer

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?
$\quad$$\underline { Jane}$$\quad$$\underline { Strickland}$
a. $\$ - 0 - \quad \$ - 0 -$
b. $\$ 12,000 \quad\$ - 0 -$
c. $\$ - 0$ - $\quad\$ 12,000$
d. $\$ 12,000 \quad \$ 12,000$

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Definitions:

Resistance

The act of opposing or standing against something; in psychology, it might refer to an individual's opposition to discussing, remembering, or acknowledging unconscious thoughts or feelings.

Exhaustion

A state of extreme physical or mental fatigue, often resulting from stress or overwork.

Stress

The body's response to any demand or challenge, which can be physical, emotional, or psychological.

Environmental Threats

External factors or conditions that can cause harm to natural environments, ecosystems, or human health.