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Return to (The following information applies to the questions displayed below.] Carolina Corporation, an S...

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Return to (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 $81,200 and its tax basis is $48,000. Shadiya's basis in her stock is $18,000. 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? X Answer is complete but not entirely correct. $ 30,000 Gain recognized Stock basis $ 0 Land basis $ 81,200

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