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Required information (The following information applies to the questions displayed below.)...

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Accounting

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Required information (The following information applies to the questions displayed below.) Carolina Corporation, an S corporation, has no corporate E&P from its years as a C corporation. At the end of the year, it distributes a small parcel of land to its sole shareholder, Shadiya. The fair market value of the parcel is $93,800 and its tax basis is $57,000. Shadiya's basis in her stock is $22,500. Assume Carolina Corporation reported $0 taxable income before considering the tax consequences of the distribution. (Leave no answer blank. Enter zero If applicable.) b. How much gain must Shadiya recognize (if any) as a result of the distribution, what is her basis in her Carolina Corporation stock after the distribution, and what is her basis in the land? Gain recognized Stock basis Land basis

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