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? $\begin{array}{llcc}
\text { Jane } & \text { Strickland} \
\end{array}$
A)$ \$-0- \quad \$-0-$
B) $ \$ 12,000 \quad \$-0- $
C) $ \$-0-\quad \$ 12,000 $
D) $ \$ 12,000 \quad \$ 12,000 $

Question

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? $\begin{array}{llcc}
  \text {  Jane } &  \text {  Strickland} \
\end{array}$
A)$ \$-0- \quad \$-0-$
B) $ \$ 12,000 \quad \$-0- $
C) $ \$-0-\quad \$ 12,000 $
D) $ \$ 12,000 \quad \$ 12,000 $

Quizplus · Accepted Answer

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? $\begin{array}{llcc}
  \text {  Jane } &  \text {  Strickland} \
\end{array}$
A)$ \$-0- \quad \$-0-$
B) $ \$ 12,000 \quad \$-0- $
C) $ \$-0-\quad \$ 12,000 $
D) $ \$ 12,000 \quad \$ 12,000 $

Jane Receives a Nonliquidating Distribution of Land with a Fair Jane Strickland\begin{array}{llcc} \text { Jane } & \text { Strickland} \\\end{array} Jane ​ Strickland​

Jane Receives a Nonliquidating Distribution of Land with a Fair $\begin{array}{llcc} \text { Jane } & \text { Strickland} \\\end{array}$