Answer:
1.Quinlan distribution has realized a loss of
$214,480 of which $0 is recognized.
2. The shareholder received property with a basis of $321,720
Explanation:
1.
When property is been said to be distributed to shareholders the amount of dividend equal to the fair value of the said property which is $321,720 on the date of the distribution. Therefore the amount of taxable dividend is $321,720 which is before the dividends received deduction.
Therefore;
Net loss which shall not be allowed ($536,200-$321,720)
=$214,480
Quinlan distribution has realized a loss of
$214,480 which is not allowed to be recognized
2. Adjusted basis of the property distributed is $321,720
Break even idk tbh bruh it’s said wrong answer
Answer:
Answer is $15,000
$6,000 share of ordinary income plus $9,000 gain for a $50,000 distribution in excess of her $41,000 stock basis.
Answer:
A. His sending note was a thoughtful gesture
