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Molokai Corporation distributed a building valued at $45,000 (basis of $20,000) to its sole shareholder....

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Question

Accounting

Molokai Corporation distributed a building valued at $45,000 (basis of $20,000) to its sole shareholder. What is the effect of this distribution on the corporation's taxable income?

a.

0
b.

$15,000 taxable gain
c.

$25,000 taxable gain
d.

$40,000 taxable gain

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