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What is the character of the distribution received by jones

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On March 15, 2019, Old Corp. distributes land to Jones, one of its shareholders. The land had a FMV of $65,000. The land had an adjusted basis in Old Corp.'s hands of $45,000. Old Corp. had pre-distribution current earnings and profits of $53,000 for the year ending December 31, 2019. It had no accumulated earnings and profits. Jones' adjusted basis in his stock is equal to $20,000.

Question 1: What is the character of the distribution received by Jones?

Reference no: EM132570120

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