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Business, 22.04.2020 00:50 kayden1234thomp
Catamount Company had current and accumulated E&P of $500,000 at December 31, 20X3. On December 31, the company made a distribution of land to its sole shareholder, Caroline West. The land's fair market value was $200,000 and its tax and E&P basis to Catamount was $250,000. The tax consequences of the distribution to Catamount in 20X3 would be:
A. No loss recognized and a reduction in E&P of $250,000
B. $50,000 loss recognized and a reduction in E&P of $250,000
C. $50,000 loss recognized and a reduction in E&P of $150,000
D. No loss recognized and a reduction in E&P of $200,000
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Catamount Company had current and accumulated E&P of $500,000 at December 31, 20X3. On December...
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