Navy Corporation has E&P of $240,000. It distributes land with a fair market value of...
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Accounting
Navy Corporation has E&P of $240,000. It distributes land with a fair market value of $70,000 (adjusted basis of $25,000) to its sole shareholder, Troy. The land is subject to a liability of $55,000 that Troy assumes. Troy has:
a. A taxable dividend of $15,000
b. A taxable dividend of $25,000
c. A taxable dividend of $45,000
d. A taxable dividend of $70,000
e. A basis in the machinery of $55,000
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