Malcolm Receives a Liquidating Distribution of Land with a Fair $\quad$

question 15

Short Answer

Malcolm receives a liquidating distribution of land with a fair market value of $14,000 and a basis of $19,000 from Blithe Corporation,an S corporation.Malcolm's basis in the stock is $21,000.What must Malcolm and Blithe report as income (loss)from the property distribution?
$\quad$ Malcolm $\quad$ Blithe
a. $\$ 0 -$$\quad$$\quad$ $\$ 0 -$
b. $\$ ( 2,000 ) \quad \$ ( 5,000 )$
c. $\$ ( 7,000 ) \quad \$ - 0 -$
d. $\$ ( 7,000 ) \quad \$ ( 5,000 )$

---

Definitions:

Gene Expression

The process by which information from a gene is used to synthesize functional gene products such as proteins, influencing the cell's structure and function.

mRNA Transcripts

Copies of segments of DNA that serve as the template for protein synthesis in the process of translation.

Bioinformatics

An interdisciplinary field that develops methods and software tools for understanding biological data, particularly when the data sets are large and complex.

Radiographically Labeled

Techniques in which substances are marked or tagged with a radioactive component, allowing their movement or presence to be detected by radiographic methods.