Question: Problem 6-53 (LO. 1, 2, 4) Dove Corporation (E & P of $800,000) has 1,000 shares of stock outstanding. The shares are owned as follows:

Problem 6-53 (LO. 1, 2, 4) Dove Corporation (E & P

Problem 6-53 (LO. 1, 2, 4) Dove Corporation (E & P of $800,000) has 1,000 shares of stock outstanding. The shares are owned as follows: Julia, 600 shares; Maxine (Julia's sister), 300 shares; and Janine (Julia's daughter), 100 shares. Dove Corporation owns land (basis of $300,000, fair market value of $260,000) that it purchased as an investment seven years ago. Dove distributes the land to Julia in exchange for all of her shares in the corporation. Julia had a basis of $275,000 in the shares. What are the tax consequences for both Dove Corporation and Julia? If an amount is zero, enter "O". a. If the distribution is a qualifying stock redemption: Dove Corporation has a $ realized realized of which of which $ is recognized. Julia has a is recognized. Her basis in the land acquired is b. If the distribution is a liquidating distribution: Dove Corporation has a $ realized realized of which $ of which $1 is recognized. Julia has a is recognized. Her basis in the land acquired is

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