Blanton corporation recognizes a gain for the distribution, Accounting Basics

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Blanton corporation recognizes a gain for the distribution

Question: Blanton Corporation, an S Corporation, distributes a machine to Gates, a majority shareholder in Blanton Corporation. The machine has an adjusted basis of $30,000 and a Fair Market Value of $80,000. Blanton Corporation recognizes a gain for the distribution of the machine of: $80,000. O $30,000. $50,000. O $0.

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