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Business, 29.07.2019 19:10 zay179

Tar heel corporation had current and accumulated e& p of $500,000 at december 31 20x3. on december 31, the company made a distribution of land to its sole shareholder, william roy. the land's fair market value was $100,000 and its tax and e& p basis to tar heel was $25,000. william assumed a mortgage attached to the land of $10,000. the tax consequences of the distribution to william in 20x3 would be:

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Tar heel corporation had current and accumulated e& p of $500,000 at december 31 20x3. on decemb...
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