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

question 37

Short Answer

Mario receives a liquidating distribution of land with a fair market value of $19,000 and a basis of $15,000 from Blithe Corporation,an S corporation.Mario's basis in the stock is $21,000.What must Mario and Blithe report as income (loss)from the property distribution?
$\quad$ Mario $\quad$$\quad$ Blithe
a. $\$ - 0 -$ $\quad$$\quad$$\$ - 0 -$
b. $\$ ( 2,000 ) \quad \$ 4,000$
c. $\$ ( 6,000 ) \quad \$ - 0 -$
d. $\$ ( 6,000 ) \quad \$ 4,000$

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Definitions:

Fewer Children

A situation or trend where there is a reduction in the number of children within a family, society, or demographic group.

Life

The existence of an individual human being or animal, characterized by growth, reproduction, activity, and continual change until death.

Kinship Care

Involves the care of children by relatives or close family friends when the biological parents are unable to do so, offering an alternative to traditional foster care.

Foster

Foster refers to providing care and a temporary home for someone or something that is in need, particularly children who require safe, supportive, and nurturing environments.