Malcolm receives a liquidating distribution of land with a fair market value of $14,000 and a basis of $19,000 from Blithe Corporation, an S corporation. Malcolm's basis in the stock is $21,000. What must Malcolm and Blithe report as income (loss) from the property distribution?
?
Malcolm Blithe
A. $-0- $-0-
B. $(2,000) $(5,000)
C. $(7,000) $-0-
D. $(7,000) $(5,000)
Answer: D
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What will be an ideal response?
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Answer the following statement true (T) or false (F)
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