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What amount of gain or loss Alpha recognize on distribution

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Question - The Alpha Corporation owns a building with a basis of $20,000 that is subject to a debt of $80,000. The FMV of the building is $100,000. Alpha distributes the property in a nonliquidating distribution (along with the debt) to Jen, its sole shareholder. What amount of gain or loss does Alpha recognize on the distribution?

a. $80,000.

b. $60,000.

c. $20,000.

d. $30,000.

e. none of the above.

Reference no: EM132706047

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