Multiple Choice
Jane receives a nonliquidating distribution of land with a fair market value of $30,000 and a basis of $18,000 from Strickland Corporation,an S corporation.Jane's basis in the stock is $46,000.What must Jane and Strickland report as income from the property distribution?
Jane Strickland
A) $-0- $-0-
B) $12,000 $-0-
C) $-0- $12,000
D) $12,000 $12,000
Correct Answer:
Verified
Correct Answer:
Verified
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