accounting-On 1/1/15, Able Company makes the following distribution of land
QUESTION
On 1/1/15, Able Company makes the following distribution of land to its sole individual shareholder, Michelle: FMV $200,000; Cost Basis $175,000; Liability $80,000; E&P $100,000; Stock Basis $5,000. What are the tax consequences to Michelle and Able Corporation?
ANSWER:
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