In the Current Year,Dove Corporation (E & P of $1

question 24

Multiple Choice

In the current year,Dove Corporation (E & P of $1 million) distributes all of its property in a complete liquidation.Alexandra,a shareholder,receives land having a fair market value of $300,000.Dove Corporation had purchased the land as an investment three years ago for $375,000,and the land was distributed subject to a $270,000 liability.Alexandra took the land subject to the $270,000 liability.What is Alexandra's basis in the land?

• A)$375,000.
• B)$300,000.
• C)$270,000.
• D)$30,000.
• E)None of the above.

---

Definitions:

Visual Cortex

The region of the brain responsible for processing visual information received from the eyes.

Auditory Cortex

The region of the brain that is responsible for processing auditory information, located in the temporal lobes.

Association Areas

Regions of the cerebral cortex that integrate simpler functions to perform more complex functions like learning, remembering, thinking, and speaking.

Human

A member of the species Homo sapiens, characterized by their ability to think critically, communicate through complex language, and create and manipulate the environment.