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Business, 26.12.2019 05:31 michael3592

Purple corporation makes a property distribution to its sole shareholder, kyung. the property distributed is a house (fair market value of $189,000; basis of $154,000) that is subject to a $245,000 mortgage that kyung assumes. before considering the consequences of the distribution, purple’s current e & p is $35,000 and its accumulated e & p is $140,000. purple makes no other distributions during the current year. what is purple’s taxable gain on the distribution of the house?

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Purple corporation makes a property distribution to its sole shareholder, kyung. the property distri...
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