Controlled group

[ILLMAS]

Corp A, B & C are part of a control group, Corp A has the following on their books:

Building Cost:  1M

A/D                  100K

Adjusted basis of $900K

Corp A, then reassigns the building to Corp B for no consideration, let's say the FMV of the building was 1.5M, my question is how would I remove building from the books of Corp A?

Corp A books                             

                             D                C

??????????

Building                                 1M

A/D                       100K

What would be my offset account if no cash was received from Corp B?  Retained earnings?

 

 

[ILLMAS]

Loss on sale which reduced retained earnings.