Under a plan of complete liquidation, Coast Corporation distributes land with a $300,000 adjusted basis and a $400,000 FMV to William, a 25% shareholder. William has a $200,000basis in his Coast stock. The land is inventory in the hands of Coast Corporation. Coast Corporation must recognize.

a. No gain
b. $100,000 of ordinary income.
c. $100,000 of long-term capital gain.
d. $200,000 of ordinary income.

B. $100,000 of ordinary income

Explanation:

From that above question, the company distributed land with adjusted basis of $300,000 to Williams who had $200,000 in his coast stock.

This means Williams has gained $100,000 ordinary income because of the adjustment.

being born in poverty would limit the people's chances, opportunities and benefits.

this happen because of several things, such as:

- poor people tend to gain less access to good education and nutrition. this mean that their chance to obtain high paying jobs would also be limited.

- poor people tend to socialize with other poor people while the rich tend to socialize with other rich people. this means that simply throguh their social circle, rich people would have more business opportunities compared to the poor people.

- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.