What is Alexander's net gain or loss on the liquidation of his 100 percent interest in an S corporation if the corporation distributes the following three assets to him in exchange for his stock: Prior to any distributions, Alexander's basis in his S corporation interest was $160,000.
A) ($12,000)
B) ($22,000)
C) $10,000
D) $22,000

Question

What is Alexander's net gain or loss on the liquidation of his 100 percent interest in an S corporation if the corporation distributes the following three assets to him in exchange for his stock:  Prior to any distributions, Alexander's basis in his S corporation interest was $160,000.
A) ($12,000) 
B) ($22,000) 
C) $10,000 
D) $22,000

Quizplus · Accepted Answer

The Answer of What is Alexander's net gain or loss on the liquidation of his 100 percent interest in an S corporation if the corporation distributes the following three assets to him in exchange for his stock:  Prior to any distributions, Alexander's basis in his S corporation interest was $160,000.
A) ($12,000) 
B) ($22,000) 
C) $10,000 
D) $22,000

What Is Alexander's Net Gain or Loss on the Liquidation