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- A C-corporation with a $200,000 E & P balance before distributions made a year-end distribution of land to its sole shareholder. The land distributed has a $90,000 fair market value, a $70,000 basis, and is subject to a $95,000 liability which is also assumed by the shareholder. Which of the following statements is true?a)The shareholder recognizes $95,000 of dividend income.b)The corporation must recognize a $20,000 gain.c)The shareholder's basis in the land received is $95,000.d)The shareholder recognizes $90,000 of dividend income.
- Intercontinental Shoe corporation manufactures shoes. It has hired 10 salesmen as independent contractors to promote the shoes in Washington State and take orders from customers; it has not appointed an agent to receive process. They then transmit the orders to a warehouse in Missouri which ships the shoes to the customers. Intercontinental Shoe refuses to pay employment taxes to Washington State, so Washington State sues. The summons and complaint is mailed to Intercontinental Shoe's general counsel, who works in Missouri. True or false, there is personal jurisdiction under Pennoyer's framework.A.TrueB.False
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