Evergreen Corporation distributes land with a fair market value of $50,000 to its sole shareholder. Evergreen's tax basis in the land is $200,000. Evergreen will deduct a tax loss of $150,000 on the distribution regardless of whether its E&P is positive or negative.
Answer the following statement true (T) or false (F)
False
Losses are not recognized on distributions of property.
You might also like to view...
Direct or indirect quid pro quo influencing is known as ______.
A. apprising B. consultation C. inspirational D. exchange
Which of the following is a negative aspect of third-party events?
A) increasing costs associated with organizing the event B) increasing liability for accidents that occur during the event C) stretching personnel resources to run the event D) competing for attention from participants in the event E) overlooking the humanitarian nature of the event
Fundamentally, hyphens show ________________
a. direction b. action c. opposition d. connection
Negative traits to avoid in the workplace include
a. self-pity. b. resentment. c. irritating habits. d. all of these choices.