Multiple Choice
Posey Corporation distributes land with a fair market value of $20,000 and a basis of $12,000 to Brock, a shareholder. Posey's earnings and profits are $125,000. What must Brock report as income from the property distribution?
A) $- 0 -
B) $8,000
C) $12,000
D) $20,000
Correct Answer:
Verified
Correct Answer:
Verified
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