Tanai1804 Tanai1804

26-05-2023
Business

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Cornflower Corporation distributes equipment (adjusted basis of $70,000, fair market value of $55,000) to its shareholder, Roy. Assume that Cornflower has more than $100,000 of current E & P. What are the tax consequences to Cornflower Corporation and to Roy?
Please show work and explain...thanks!

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