A corporation distributes land worth $200,000 to its sole shareholder. The corporation had purchased the land several years ago for $120,000. The corporation has over $1 million of E&P. How much income will the corporation and the shareholder recognize?

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The Answer of A corporation distributes land worth $200,000 to its sole shareholder. The corporation had purchased the land several years ago for $120,000. The corporation has over $1 million of E&P. How much income will the corporation and the shareholder recognize?

A Corporation Distributes Land Worth $200,000 to Its Sole Shareholder