Biggain Corporation distributes land with a fair market value of $220,000 to its sole shareholder. Biggain's tax basis in the land is $115,000. Biggain will not report a gain on the distribution if it has a deficit of over $105,000 in earnings and profits. true or false
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False. This is because $105,000 is capital gain and even if there is s deficit of more than $105,000 in earnings and profit they still have to report the capital gain. ...