Solved: Cost basis 175000 liability 80000 ep 100000 stock basis, Accounting Basics

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Cost basis 175000 liability 80000 ep 100000 stock basis

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?

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Accounting Basics: Cost basis 175000 liability 80000 ep 100000 stock basis

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Accounting Basics: Cost basis 175000 liability 80000 ep 100000 stock basis

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