Malcolm Receives a Liquidating Distribution of Land with a Fair $\begin{array}{llcc} \text { Malcolm } & \text { Blithe } \\\end{array}$

question 34

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? $\begin{array}{llcc} \text { Malcolm } & \text { Blithe } \\\end{array}$
A) $\$-0- \quad \$-0-$
B) $\$(2,000) \quad \$(5,000)$
C) $\$(7,000) \quad \$-0-$
D) $\$(7,000) \quad \$(5,000)$ ?

• A) \(\$-0- \quad \$-0-\)
• B) \( \$(2,000) \quad \$(5,000) \)
• C)\( \$(7,000) \quad \$-0- \)
• D)\( \$(7,000) \quad \$(5,000) \) ?

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