Question: 7 Pus Question 17 Navy Corporation has E & P of $240,000. It distributes land with a fair market value of $70,000 (adjusted basis of

7 Pus Question 17 Navy Corporation has E & P of $240,000. It distributes land with a fair market value of $70,000 (adjusted basis of $25.000) to its sole shareholder, Troy. The land is subject to a liability of $55.000 that Troy assumes. Discuss all tax consequences to Navy and to Iron Edit View insert Format Tools Table 12pt Paragraph TV

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