zbeckman1211 zbeckman1211

02-11-2022
Business

Answered

brisk corp. is an accrual-basis, calendar-year c corporation with one individual shareholder. at year end, brisk had $600,000 accumulated and current earnings and profits as it prepared to make its only dividend distribution for the year to its shareholder. brisk could distribute either cash of $200,000 or land with an adjusted tax basis of $75,000 and a fair market value of $200,000. how would the taxable incomes of both brisk and the shareholder change if land were distributed instead of cash?

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