Shareholder receives a distribution in excess of his basis

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Reference no: EM13913074

1) True or False: If a shareholder receives a distribution in excess of his basis in the corporation, then distribution in excess of his basis is treated as a capital gain.

2) True or false: Lump-sum purchases of land and a building are allocated on the basis of the relative fair market values of the individual assets acquired.

Reference no: EM13913074

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