Question: If anything else is needed let me know Required information Problem 11-72 (LO 11-5) (Algo) [The following information applies to the questions displayed below.] Carolina

If anything else is needed let me know

If anything else is needed let me know Required information Problem 11-72

Required information Problem 11-72 (LO 11-5) (Algo) [The following information applies to the questions displayed below.] Carolina Corporation, an S corporation, has no corporate E&P from its years as a C corporation. At the end of the year, it distributes a small parcel of land to its sole shareholder, Shadiya. The fair market value of the parcel is $71,400, and its tax basis is $41,000. Shadiya's basis in her stock is $14,500. Assume Carolina Corporation reported $0 taxable income before considering the tax consequences of the distribution. (Leave no answer blank. Enter zero if applicable.) Problem 11-72 Part d (Algo) d. Assume the fair market value of the land is $25,800 rather than $71,400. How much gain must Shadiya recognize (if any) as a result of the distribution, what is her basis in her Carolina Corporation stock after the distribution, and what is her basis in the land? Gain recognized Stock basis Land basis

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