ABC, Inc as purchased land on Jan 1, 2010 for $1,500,000. The firm has never...
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ABC, Inc as purchased land on Jan 1, 2010 for $1,500,000. The firm has never used the land in operations and is holding it as an investment. On Jan 1, 2017 the land has a FMV of $4,000,000. The sole shareholder of ABC, Jeff wants to take the land out of the corporation and use it for personal purposes (to build a house on it).
A: If ABC issues Jeff a distribution of the land-what are the tax issues to ABC and to Jeff:
B: If ABC issues the land to Jeff as part of liquidating the corporation- what are the tax issues to ABC and to Jeff:
C: If ABC issues the land to Jeff as part of a redemption of some of Jeffs stock in the corporation- what are the tax issues to ABC and to Jeff:
D: ABC issues the land to Jeff as part of a Ch 7 Section 368 transaction- what are the tax issues to ABC and to Jeff:
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