The stock of Mulberry Corporation is owned by Archana (60%) and Anar (40%), who are mother and daughter.
Pursuant to a plan of complete liquidation adopted earlier in the current year, Mulberry distributes land worth $575,000 to Anar (basis of $100,000 in Mulberry stock).
The land was purchased by Mulberry Corporation three years ago for $650,000, and it is distributed subject to a liability of $425,000.
What amount of gain or loss is recognized by Mulberry Corporation and by Anar with respect to the distribution of the land?
Answers: 2
= $75000
![=[(\$ 575000-\$ 425000) * 40 \%]-\$ 100000](/tpl/images/0541/1979/aabe8.png)
Another question on Business
Business, 21.06.2019 22:30
True or false: banks are required to make electronically deposited funds available on the same day of the deposit
Answers: 2
Business, 22.06.2019 21:00
Describe what fixed costs and marginal costs mean to a company.
Answers: 1
Business, 23.06.2019 00:30
Industrial engineers who specialize in ergonomics are concerned with designing workspace and devices operated by workers so as to achieve high productivity and comfort. a paper published in this research area reports on a study of preferred height for an experimental keyboard with large forearm-wrist support. a sample of 31 trained typists resulted in an average preferred height of 80.0 cm
Answers: 1
Business, 23.06.2019 00:30
Anational survey asked people, "how often do you eat out for dinner, instead of at home? " the frequencies were as follows.
Answers: 2
You know the right answer?
The stock of Mulberry Corporation is owned by Archana (60%) and Anar (40%), who are mother and daugh...
Questions
World Languages, 29.11.2021 08:30
Mathematics, 29.11.2021 08:30
History, 29.11.2021 08:30
Mathematics, 29.11.2021 08:30
English, 29.11.2021 08:30
Social Studies, 29.11.2021 08:30
Health, 29.11.2021 08:30
Biology, 29.11.2021 08:30
Mathematics, 29.11.2021 08:30
Social Studies, 29.11.2021 08:30
Mathematics, 29.11.2021 08:30
Mathematics, 29.11.2021 08:30
Mathematics, 29.11.2021 08:30
