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Carolina Corporation, an S corporation, has no corporate Earnings and profit from its years as a C corporation. At the end of the year, it distributes a small parcel of land to its sole shareholder, Shadiya. The fair market value of the parcel is $ and its tax basis is $ Shadiya's basis in her stock is $ Assume Carolina Corporation reported $ taxable income before considering the tax consequences of the distribution.
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d Assume the fair market value of the land is $ rather than $ How much gain must Shadiya recognize if any as a result of the distribution, what is her basis in her Carolina Corporation stock after the distribution, and what is her basis in the land?
tableGain recognized,Stock basis,Land basis,
