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DF Corp has $350,000 AE&P as of Jan 1 2022 and $0 CE&P for 2022...

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Accounting

DF Corp has $350,000 AE&P as of Jan 1 2022 and $0 CE&P for 2022 before considering any distributions for 2022. Dell owns 100% of the common stock which is the only stock outstanding.

  1. On sept 1 2022 DF corp distributes land to Dell with a FMV of $275,000 and a basis of $345,000. What is DF corps gain or loss recognized, net change to E&P, and Dells basis in the land?
  2. Assume the facts in (a) except the basis is $225,000
  3. Assume the facts in (b) except the land is subject to a debt of $280,000 and the debt is distributed to Dell with the land.

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