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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