dividends were received by the partnership .
Acquired 100 shares of Ace Corporation common stock for $ 30 a share on January 12 , 2014 . She sold the stock on December 19 for $ 55 a share .
Paid $ 1,300 for prescription medicines and $ 1,875 in physician and hospital bills . Medical insurance premiums were paid by her employer .
Paid real property taxes of $ 1,675 on her personal residence and interest on her home mortgage was $ 4,285 , and interest paid to credit card companies
totaled $ 360 .
Contributed $ 25 each week to her church and $ 15 each week to United Way .
Paid $ 1,500 in estimated federal income taxes throughout the year .
Artifact Three : Tax Memo II Corporation Issue Clifford Company has encountered the following issue :
The company would like to make a property distribution ( dividend ) of the three machines that it uses in its business . It no longer needs two of these machines .
All three machines have a fair market value of $ 20,000 each . The basis of each machine is as follows : Machine A , $ 27,000 ; Machine B , $ 20,000 ; and Machine C ,
$ 12,000 . The corporation has asked you for advice . What do you recommend ?