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A writing can consist of anything in the following list EXCEPT a(n).....

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Which of the following statements is true regarding the effect of a redemption on a corporation?a)Qualified stock redemptions do not impact a corporations E & P balance.b)If property other than cash is used for a redemption, the corporation recognizes gain or loss on the distributed property.c)If property is distributed that is subject to a liability in excess of the property's fair market value, then the liability amount is used to calculate the corporation's recognized gain.d)The corporation may deduct the expenditures incurred related to the stock redemption.

Smithville Corp. is a calendar year corporation with zero accumulated E & P on January 1, 2018. During 2018, Smithville has taxable income of $200,000. Based on the additional 2018 information pertaining to Smithville below, calculate the corporation's 2018 ending E & P balance.Tax-exempt income$10,000Current excess capital loss$5,000Current charitable contributions in excess of 10% limitation$8,000Federal income tax expense$61,250Dividends received deduction$3,000MACRS tax depreciation$18,000ADS Depreciation$12,000Deferred gain on a like-kind-exchange$11,000Nondeductible portion of meals expenses$4,000a)$140,750b)$151,750c)$144,750d)$156,750

Tutu Corp. acquired land in a Section 351 tax-free exchange in 2013. At that time, the land had a basis of $200,000 and a fair market value of $180,000. Tutu Corp. has two equal shareholders, Joan and Ashley, who are unrelated to each other. In 2016, Tutu Corp. adopts a plan of liquidation. During that year and pursuant to the liquidation, the corporation distributes the land to Joan when the value of the land is $150,000 and distributes cash of $150,000 to Ashley. What amount of gain or loss does Tutu Corp. recognize on the distribution of the land?a)$30,000 lossb)$50,000 lossc)$20,000 lossd)No recognized gain or loss

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