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Helen corporation has positive current earnings and profits (E&P) of $60,000. it distributes land worth...

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Accounting

Helen corporation has positive current earnings and profits (E&P) of $60,000. it distributes land worth (fair market value) 44,000 (adjusted basis of 36,000) to Freddie, an individual shareholder. The land is subject to a mortgage of 31,000 which Freddie assumes. Freddie has Taxable income (dividends)of: ?

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