Question: please answer with explanation Golden Corporation has sufficient current E&P. It distributes a land (FMV = $3,000, basis = $4,000) to its shareholder Paul. The

please answer with explanation

Golden Corporation has sufficient current E&P. It distributes a land (FMV = $3,000, basis = $4,000) to its shareholder Paul. The land is subject to a liability of $5,000 which Paul assumes. What is Golden's recognized gain or loss (if any)?

What is Paul's dividend income (if any)?

What is Paul's basis in the land?

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