Problem 1. What is the difference between debt and equity?
Problem 2. What is the difference between common and preferred stock?
Problem 3. What are the tax consequences to a corporation that distributes property to stockholders if the property distributed is less than the corporation's basis in the property?
Problem 4. What are the tax consequences to a corporation that distributes property to stockholders if the property distributed is more than the corporation's basis in the property?
Problem 5. What does "earnings and profits" mean in the context of corporate distributions?