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Taxation of shareholder benefits explain the tax

Question - Taxation of Shareholder Benefits. Please respond to the following

If a company experiences a complete loss of an office building as a result of a fire and receives a $2 million recovery payment from the insurance company.

• Explain the tax consequence if the company decides not to rebuild

• Identify the tax consequences if the company distributes the $2 million to its two shareholders, assuming that no stock was exchanged in return

• Under what conditions will the distribution meet the requirements to be treated as partial liquidation and not a dividend?

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Accounting Basics: Taxation of shareholder benefits explain the tax

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