In the current year, Jose rece

In the current year, Jose receives a liquidating property from Valenzuela The basis of the property distributed is $25,000. What is the tax effect of the for Valenzuela and for Jose if
a. The property distributed has a fair market value of $30,000, and Jose has a basis in his stock of $38,000?
b. The property distributed has a fair market value of $20,000, and Jose has a basis in his stock of $18,000?
c. Assume the same facts as in parts a and b, except that Valenzuela is an S and Jose owns 20% of the stock. What is the tax effect of the for Valenzuela and for Jose?

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