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  3. t inc distributed land worth $21,000 (basis $18,00

t inc distributed land worth $21,000 (basis $18,000) used in its business to its sole...

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Accounting

t inc distributed land worth $21,000 (basis $18,000) used in its business to its sole shareholder, z corp. The land was subject to a mortgage of $5,000. Assuming that t has substantial E&P, z's dividend and basis for the property will be how much?

a. dividend of $16,000, basis of $16,000

b. dividend of $16,000 basis of $21,000

c. dividend of $21,000 basis of $16,000

d. dividend of $21,000 basis of $21,000

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