Midland Corporation is liquidated on April 1, 2012 and its assets are distributed, pro rata, to its 10 equal and unrelated individual shareholders....

. Midland Corporation is liquidated on April 1, 2012 and its assets are distributed, pro rata, to its 10 equal and unrelated individual shareholders. The assets distributed are as follows: a) marketable securities with a basis to Midland of $300,000, value at distribution of $250,000, and b) land with a basis to Midland of $500,000, value at distribution of $600,000.What are the tax consequences of the liquidating distribution?

Midland Corporation is liquidated on April 1, 2012 and its assets are distributed, prorata, to its 10 equal and unrelated individual shareholders. The assets distributed are asfollows: a)...