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If Mary is legally insane but has not been so determined by the courts until after she enters the contract, the contract as to Mary is:

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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

Tony Corp. acquired land in a Section 351 tax-free exchange in 2013. At that time, the land had a basis of $290,000 and a fair market value of $350,000. Tony Corp. has two shareholders, Jan 55% and Alan 45%, who are unrelated to each other. In 2016, Tony Corp. adopts a plan of liquidation. During that year and pursuant to the liquidation, the corporation distributes the land (pro rata) to Jan and Alan when the value of the land is $270,000. What amount of gain or loss does Tony Corp. recognize on the distribution of the land?a)$60,000 gainb)$20,000 lossc)$9,000 lossd)No recognized gain or loss

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