P Corp owns 100% of S Corp. S Corp is liquidated into P Corp. Its sole asset - a building with a cost basis of 100,000 and a FMV of 1 million - was distributed to S Corp as part of the plan of liquidation. S had acquired the building 3 years ago, on 11/13/18. What gain does S recognize here on the distribution of the building?

Answer rating: 100% (QA)

Corporations liquidating to 80ormore corporate shareholder A No gain When property is distributed in ... View the full answer