Blue Corporation Distributes Property to Its Sole Shareholder, Zeke

question 41

Multiple Choice

Blue Corporation distributes property to its sole shareholder, Zeke. The property has a fair market value of $450,000, an adjusted basis of $305,000, and is subject to a liability of $250,000. Current E & P is $550,000. With respect to the distribution, Blue has a gain of:

• A) $200,000 and Zeke has dividend income of $450,000.
• B) $145,000 and Zeke's basis is the distributed property is $305,000.
• C) $200,000 and Zeke's basis in the distributed property is $450,000.
• D) $145,000 and Zeke has dividend income of $200,000.
• E) None of the above.

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