Question

Pursuant to a complete liquidation, Oriole Corporation distributes to its share holders land held for three years as an investment (adjusted basis of $250,000, fair market value of $490,000). The land is subject to a liability of $520,000.
a. What are the tax consequences to Oriole Corporation on the distribution of the land?
b. If the land is, instead, subject to a liability of $400,000, what are the tax consequences to Oriole on the distribution?


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  • CreatedSeptember 09, 2015
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