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What are the penalties for practicing an act of brokerage without a license?
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- A C-corporation with a $100,000 E & P balance before distributions made a year-end distribution of land to its sole shareholder. The land distributed has a $150,000 fair market value and a $130,000 basis. The shareholder's basis in his shares of stock is $10,000 before the distribution. Which of the following statements is false?a)The corporation's E & P balance after the distribution is $0.b)The shareholder recognizes $100,000 of dividend income.c)The corporation must recognize a $20,000 gain.d)The shareholder recognizes $20,000 of capital gain.
- An act intended to deceive the other party