If a company experiences a complete loss of an office building
as a result of a fire and receives a $2 million recovery payment
from the insurance company:
Explain the tax consequences if the company decides not to
rebuild.
Identify the tax consequences if the company distributes the $2
million to its two (2) shareholders, assuming that no stock was
exchanged in return.
Under what conditions will the distribution meet the
requirements to be treated as a partial liquidation and...