Cavalier corporation had current and accumulated e& p of $500,000 at december 31 20x3. on december 31, the company made a distribution of land to its sole shareholder, tom jefferson. the land's fair market value was $200,000 and its tax and e& p basis to cavalier was $50,000. the tax consequences of the distribution to cavalier in 20x3 would be:

a. no gain recognized and a reduction in e& p of $200,000

b. $150,000 gain recognized and a reduction in e& p of $200,000

c. $150,000 gain recognized and a reduction in e& p of $50,000

d. no gain recognized and a reduction in e& p of $50,000

B. $150,000 gain recognized and a reduction in E&P of $200,000

Step-by-step explanation:

The gain recognized = market value of assets – tax and E&P basis related = $200,000 - $50,000 = $150,000

The distribution of land also reduce the accumulated E&P, the reduced amount is the fair valued of asset distributed ($200,000)

complete the steps to find the area of the trapezoid.

area of rectangle = 256   square units

area of triangle 1 = 24  square units

area of triangle 2 = 16  square units

area of triangle 3 =   96 square units

area of trapezoid = 120  square units

step-by-step explanation:

what shape is