A business entity has appreciated land (basis of $50,000 and fair market value of $75,000)which it is going to distribute to Craig,one of its owners.The entity has earned substantial profits during its 15 years of operations and has reinvested most of them in the business.What are the tax consequences of the distribution to the business entity and to Craig if the business entity is a(n):
Definitions:
Intertidal Zone
The area of the shoreline that is exposed to the air at low tide and submerged under water at high tide, home to diverse organisms.
Mussels
Aquatic mollusks with a bivalve shell, widely consumed as seafood, and known for their role in aquatic ecosystems as filter feeders.
Keystone
An essential element or species that plays a critical role in maintaining the structure of an ecological community, affecting many other organisms within the community.
Disproportionately
To an extent that is too large or too small in comparison with something else or in relation to the whole.
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