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S corporation owns real estate having a basis of $50,000. When the real estate has appreciated in value to $100,000 S corporation distributes it to a shareholder. The distribution:

a. has no immediate tax effect and the shareholder takes a basis of $50,000 in the real estate.

b. results in the corporation realizing and recognizing gain of $50,000.

c. causes any gain recognized by the corporation to be taxed to the corporation.

d. is a tax deferred transaction that may cause the corporation to lose its S status if the shareholder/distributee is a more than 50% shareholder.

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  • Reference No.:- M940622

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