Funds that invest in a portfolio of companies from the same or closely related industries are known as
A) aggressive growth funds.
B) sector funds.
C) emerging market funds.
D) asset allocation funds.
Answer: B
Business
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The U.S. Constitution created how many branches of government?
A) One B) Two C) Three D) Four
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Purple Corporation makes a property distribution to its sole shareholder, Paul. The property distributed is a house (fair market value of $189,000; basis of $154,000) that is subject to a $245,000 mortgage that Paul assumes. Before considering the consequences of the distribution, Purple's current E & P is $35,000 and its accumulated E & P is $140,000 . Purple makes no other distributions during
the current year. What is Purple's taxable gain on the distribution of the house? a. $0 b. $21,000 c. $35,000 d. $91,000 e. None of the above
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