Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. sparrow corporation distributes land (basis of $80

Sparrow Corporation distributes land (basis of $80,000 and fair market value of $320,000) as a...

70.2K

Verified Solution

Question

Accounting

Sparrow Corporation distributes land (basis of $80,000 and fair market value of $320,000) as a property dividend to its shareholders. The land is subject to a liability of $360,000. Sparrow Corporation recognizes a gain of

a. $280,000

b. $40,000

c. $240,000

d. $0

e. None of the above

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Statistics
1.2K views

Next question You can retry this question below A group of students were surveyed as...

Chemistry
1.2K views

Calculate the pH of a 0.45M solution of Benzonic Acid. (Use the quadratic equation to solve).

Chemistry
1.2K views

write orbital diagram for each ion and determine if the ion is diamagnetic or paramagnetic. a. Cd2+ b.Au+ c.Mo3+...

Psychology
1.2K views

Describe a time when your mother was a good listener.

Physics
1.2K views

1. A stone is thrown upward from a tower with initial velocity of 3 m/s. Height...

General Management
1.2K views

Plz I need to answer this q asap (No references, google) and by YOUT OWN WORDS 1-...

Geometry
1.2K views

4 x degrees 5 Explain the process you went through to find the measure BiUFont...

Basic Math
1.2K views

Ariana is a songwriter who collects royalties on her songs whenever they are played ina...

Algebra
1.2K views

3 A 2 J 1 31 5 2 2 7 3 2 Find the QR...

Accounting
1.2K views

Assuming that the company uses the perpetual inventory system, determine the...

Accounting
1.2K views

The following totals for the month of April were taken from the payroll register of...

Accounting
1.2K views

Explain How does the production possibilities frontier (PPF) illustrate production efficiency Pay - BIE Insert...