$1$ pts

Five shareholders each contribute $$10,000$ in exchange for a $205$ interest in corporste stock of FIU Corporation. Fifteen years later, FIU Corp, enters into a plan of complete liquidation. Under the plan, FIU Corporation sells the $$30\mathrm{.}000$ of assets for cash lbasis of $$50,000$ and a FMV of $$30,0001.$ FIU Corp, and then distributes the cash to the shareholders?

What are Uhe tax consequences to FIU Corporation?

The corporation will report a Eain of $$200000$

If the corporation sold its assets to a thind partv for $$30,000,$ $$70\mathrm{.}000$ tors on the sale.

The section $336(d)$ loss limitations are applicable.

The tramaction ny be disallowed under the "step transaction doctrine"

None of the above