JH Corporation distributes land with an adjusted basis of $50,000 and a fair market value...
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Accounting
JH Corporation distributes land with an adjusted basis of $50,000 and a fair market value of $20,000. The land is subject to mortgage of $10,000. Joe, a sole shareholder, has basis of $60,000 and JH has E&P of $100,000 at the time of the distribution. Describe tax consequences and disregard tax liability for E&P purposes, if any.
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