Amount of cookies gain on the distribution, Accounting Basics

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Amount of cookies gain on the distribution

Cookies Corporation distributed land to its sole shareholder. On the date of distribution, the land had a fair market value of $85,000 and an adjusted basis to Cookies of $42,000. What is the amount of Cookies' gain on the distribution?

a. $0

b. $42,000

c. $43,000

d. $85,000

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Accounting Basics: Amount of cookies gain on the distribution

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Accounting Basics: Amount of cookies gain on the distribution

Reference No:- TGS038570

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

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Accounting Basics: Amount of cookies gain on the distribution

Reference No:- TGS038570

Recent Questions Asked Accounting Basics

Q : Explain effect of having two-tiered interest rate structure

Q : Deferred tax liability-income taxes payable

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