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Find the tax consequences of the distribution to Paladin

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Question - Paladin Corporation had current and accumulated E&P of $500,000 at December 31, 20X3. On December 31, the company made a distribution of land to its sole shareholder, Maria Mendez. The land's fair market value was $200,000 and its tax and E&P basis to Paladin was $250,000. Maria assumed a liability of $25,000 attached to the land. Find the tax consequences of the distribution to Paladin in 20X3?

Reference no: EM132591256

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