Business, 10.03.2020 00:58 Naysa150724

In the current year, Warbler Corporation (E & P of $250,000) made the following property distributions to its shareholders (all corporations):

Adjusted Basis Fair Market Value
Pink Corporation stock-
(held for investment) $150,000 $120,000
Non-LIFO inventory 80,000 110,000

Warbler Corporation is not a member of a controlled group. As a result of the distribution:

a) the shareholders have dividend income of $200,000.
b) the shareholders have dividend income of $ 260,000.
c) Warbler has a recognized gain of $30,000 and a recognized loss of $ 30,000.
d) Warbler has no recognized gain or loss.
e) None of the above

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In the current year, Warbler Corporation (E & P of $250,000) made the following property distrib...

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