Wills Corporation, which has accumulated a current E&P totaling $65,000, distributes land to its sole shareholder, an individual. The land has an FMV of $75,000 and an adjusted basis of $55,000. The shareholder assumes a $15,000 liability associated with the land. The shareholder will recognize
A. $65,000 of dividend income and have a $65,000 basis in the land.
B. $60,000 of dividend income and have a $75,000 basis in the land.
C. $60,000 of dividend income and have a $60,000 basis in the land.
D. $65,000 of dividend income and have a $75,000 basis in the land.
Answer: B
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Answer the following statement true (T) or false (F)
The processing stage of accounting is accomplished by
a. reporting to decision makers. b. recording transactions. c. controlling and evaluating data. d. bookkeeping, computers, and information systems.
Give an example of a core service and an augmented service for a dance studio
What will be an ideal response?
Patrick just completed the performance appraisals of three new statisticians. On the company’s 4-point grading scale, the average score for the three statisticians was 3.0. The average of all statisticians in the organization was 3.5. The new recruits’ __________ was 14 percent below average.
A. new hire performance B. time required to hire C. cost per hire D. new hire turnover E. None of the above