X Corporation is owned by Y Corporation and T, an individual.Y owns 90 percent of X's stock, and T owns the other 10 percent.X adopts a plan of liquidation and distributes land with a basis of $700,000 and a fair market value of $900,000 to Y, and marketable securities with a basis of $40,000 and a fair market value of $100,000 to T.X must report gain or loss of
A)$0
B)$60,000
C)$186,000
D)$260,000

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The Answer of X Corporation is owned by Y Corporation and T, an individual.Y owns 90 percent of X's stock, and T owns the other 10 percent.X adopts a plan of liquidation and distributes land with a basis of $700,000 and a fair market value of $900,000 to Y, and marketable securities with a basis of $40,000 and a fair market value of $100,000 to T.X must report gain or loss of
A)$0
B)$60,000
C)$186,000
D)$260,000

X Corporation Is Owned by Y Corporation and T, an Individual.Y