Jane receives a nonliquidating distribution of land with a fair market value of $30,000 and a basis of $18,000 from Strickland Corporation,an S corporation.Jane's basis in the stock is $46,000.What must Jane and Strickland report as income from the property distribution?
$\begin{array}{lll}
&\text { Jane } & \text { Strickland } \
\text { a. } &\$-0- & \$-0- \
\text { b. } & \$ 12,000 & \$-0- \
\text { c. }& \$-0- & \$ 12,000 \
\text { d. } & \$ 12,000 & \$ 12,000
\end{array}$

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The Answer of Jane receives a nonliquidating distribution of land with a fair market value of $30,000 and a basis of $18,000 from Strickland Corporation,an S corporation.Jane's basis in the stock is $46,000.What must Jane and Strickland report as income from the property distribution?
$\begin{array}{lll}
&\text { Jane } & \text { Strickland } \
\text { a. } &\$-0- & \$-0- \
\text { b. } & \$ 12,000 & \$-0- \
\text { c. }& \$-0- & \$ 12,000 \
\text { d. } & \$ 12,000 & \$ 12,000
\end{array}$

Jane Receives a Nonliquidating Distribution of Land with a Fair