Exercise 19-27 (Algorithmic) (LO. 5)\ Global Corporation distributed property with a (an)

$697,000

fair market value and a

$383,350

adjusted basis to one of its shareholders. The property was subject to a

$210,843

mortgage, which the shareholder assumed. Global has ample E & P to cover any distribution made during the year.\ What is the amount of the shareholder's dividend income on the distribution?\ What is the shareholder's basis in the property received?

Global Corporation distributed property with a (an) $697,000 fair market value and a $383,350 adjusted basis to one of its shareholders. The property was subject to a $210,843 mortgage, which the shareholder assumed. Global has ample E \& P to cover any distribution made during the year. What is the amount of the shareholder's dividend income on the distribution? What is the shareholder's basis in the property received? Global Corporation distributed property with a (an) $697,000 fair market value and a $383,350 adjusted basis to one of its shareholders. The property was subject to a $210,843 mortgage, which the shareholder assumed. Global has ample E \& P to cover any distribution made during the year. What is the amount of the shareholder's dividend income on the distribution? What is the shareholder's basis in the property received