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What amount of gain will katsu recognize

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Reference no: EM131584236

Question - Sliver and Heirs, Inc., has several employees. Their names and salaries are listed below:

  • Heather-$470,000
  • Kyler-$100,000
  • Sophia-$100,000
  • Richard-$320,000
  • Kyler and Sophia are the only shareholders of Silver and Heirs, Inc. Heather and Richard share equally in the management of the company's operation. Kyle and Sophia are both full-time college students at a university 500 miles away. Silver has substantial E&P and has never distributed a dividend. Discuss any problems related to Silver's salary arrangement

Katsu Corp. distributes property to its shareholders as part of a complete liquidaton. The fair market value of the property is $500,000, Katsu's adjusted basis in the property is $150,000, and the property is subject to a liability of $200,000. What amount of gain will Katsu recognize as a result of the transacton?

a) $150,000

b) $300,000

c) $350,000

d) $550,000

Reference no: EM131584236

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