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What is Bill dividend income

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Reference no: EM132673391

Problem - At a time when Emerald Corporation has E & P of $200,000, it distributes land (adjusted basis of $95,000 and fair market value of $180,000) to its sole shareholder, Bill.

Required -

a. What is Bill's dividend income?

b. Basis in the land?

c. What are Emerald's tax consequences?

Reference no: EM132673391

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