EB Corporation has E & P of $$240$K It distributes land with a fair market value of $$70$ K $($adjusted basis of $$25$K$)$ to its sole shareholder, George. The land is subject to a liability of

$$55$K that George assumes. George has taxable DIVIDEND of $$15$K$?$

Answer rating: 100% (QA)

For EB Corporation to distribute property to its shareholder George it would be treated as a dividen... View the full answer