On July 1st, an S corporation called Prairie Dirt Delight, a calendar year taxpayer, distributes...
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Accounting
On July 1st, an S corporation called Prairie Dirt Delight, a calendar year taxpayer, distributes a parcel of land that it owned for 3 years to Charles, its majority shareholder. Prairie Dirt Delight purchased the land for $30,000 and it is now worth $20,000. How much of the loss may Prairie Dirt Delight recognize?
a. $0
b. $5,000
c. $10,000
d. $30,000
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