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The basis of the land in the corporations hands is 68000

Vanguard Corporation has excess land that it distributes to its shareholders as a dividend. Each of the four shareholders gets a portion of the land valued at $23,000. The basis of the land in the corporation's hands is $68,000. What are the consequences to the corporation and the shareholders as a result of this distribution?

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Accounting Basics: The basis of the land in the corporations hands is 68000

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