Business, 01.01.2021 02:50 seema12

On December 1, Year 7, Gelt Corporation declared a dividend and distributed to its sole shareholder a parcel of land that was not an inventory asset. On the date of the distribution, the following data were available: Adjusted basis of land $ 6,500 Fair market value of land 14,000 Mortgage on land 5,000 For the year ended December 31, Year 7, Gelt had earnings and profits of $30,000 without regard to the dividend distribution. If the mortgage on the land was assumed by the sole shareholder, by how much should the dividend distribution reduce Gelt's earnings and profits

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On December 1, Year 7, Gelt Corporation declared a dividend and distributed to its sole shareholder...

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