Olinto Corp., an accrual-basis calendar-year C corporation, had no corporate shareholders when it liquidated in year 12. In cancellation of all their Olinto Corp. stock, each Olinto Corp. shareholder received in year 12 a liquidating distribution of $12,000 cash and land with a corporate tax basis of $15,000 and a fair market value of $20,500. Before the distribution, each shareholder's tax basis in Olinto Corp. stock was $16,500. What amount of gain should each Olinto Corp. shareholder recognize on the liquidating distribution?

The correct answer is $16,000.

Explanation:

According to the scenario, the given data are as follows:

Cash received = $12,000

Fair market value of the property = $20,500

Tax basis of stock = $16,500

So, we can calculate the amount of gain by using the following formula:

Amount of gain =  Cash received + Fair market value of the property - Tax basis of stock

By putting the value in the formula, we get:

Amount of gain = $12,000 + $20,500 - $16,500

= $16,000.

d. automatic stabilizers.

explanation:

the first successful, urban blues recording, selling more than 75,000 copies, was made in year 1920.

mamie smith recorded the first commercially successful example of the urban blues,   with the recording of “crazy blues”."crazy blues" was recorded on august 10, 1920, in new york city. within a month of the release of “crazy blues” it had sold 75,000 copies.