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? $\begin{array}{llcc}
\text { Malcolm } & \text { Blithe } \
\end{array}$
A) $\$-0- \quad \$-0-$
B) $ \$(2,000) \quad \$4,000 $
C)$ \$(6,000) \quad \$-0- $
D)$ \$(6,000) \quad \$4,000 $ ?

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? $\begin{array}{llcc}
  \text { Malcolm } &  \text { Blithe } \
\end{array}$
A) $\$-0- \quad \$-0-$
B) $ \$(2,000) \quad  \$4,000 $
C)$ \$(6,000) \quad \$-0- $
D)$ \$(6,000) \quad \$4,000 $  ?

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? $\begin{array}{llcc}
  \text { Malcolm } &  \text { Blithe } \
\end{array}$
A) $\$-0- \quad \$-0-$
B) $ \$(2,000) \quad  \$4,000 $
C)$ \$(6,000) \quad \$-0- $
D)$ \$(6,000) \quad \$4,000 $  ?

Mario Receives a Liquidating Distribution of Land with a Fair Malcolm Blithe \begin{array}{llcc} \text { Malcolm } & \text { Blithe } \\\end{array} Malcolm ​ Blithe ​

Mario Receives a Liquidating Distribution of Land with a Fair $\begin{array}{llcc} \text { Malcolm } & \text { Blithe } \\\end{array}$