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| Teaching Since: | May 2017 |
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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
White corp, which had earnings and profits of $100,000, distributed a parcel of land to its sole shareholder, doug. the property had a FMV of $95,000 and an adjusted basis of $55,000. Doug assumed a $60,000 liability associated with the land. what is the amount of Doug's dividend? what is Doug's tax basis for the property? what amount of gain is recognized by white corp? what is the amount of white's earning and profits after the distribution?
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