Mario receives a liquidating distribution of land with a fair market value of $19,000 and a basis of $15,000 from Blithe Corporation,an S corporation.Mario's basis in the stock is $21,000.What must Mario and Blithe report as income (loss)from the property distribution?
$\begin{array} { l }
& \text {Mario }& \text {Blithe }\
a. &\$-0-& \$-0-\
b. &\$(2,000) &\$ 4,000 \
c. & \$(6,000) & \$-0- \
d. & \$(6,000) & \$ 4,000 \
\end{array}$

Question

Mario receives a liquidating distribution of land with a fair market value of $19,000 and a basis of $15,000 from Blithe Corporation,an S corporation.Mario's basis in the stock is $21,000.What must Mario and Blithe report as income (loss)from the property distribution?
$\begin{array} { l  }
& \text {Mario }& \text {Blithe }\
a. &\$-0-& \$-0-\
b. &\$(2,000) &\$ 4,000 \
c. & \$(6,000) & \$-0- \
d. & \$(6,000) & \$ 4,000 \
\end{array}$

Quizplus · Accepted Answer

The Answer of Mario receives a liquidating distribution of land with a fair market value of $19,000 and a basis of $15,000 from Blithe Corporation,an S corporation.Mario's basis in the stock is $21,000.What must Mario and Blithe report as income (loss)from the property distribution?
$\begin{array} { l  }
& \text {Mario }& \text {Blithe }\
a. &\$-0-& \$-0-\
b. &\$(2,000) &\$ 4,000 \
c. & \$(6,000) & \$-0- \
d. & \$(6,000) & \$ 4,000 \
\end{array}$

Mario Receives a Liquidating Distribution of Land with a Fair