X Inc. has beginning accumulated E&P of $10,000 and current E&P deficit for the year of ($9,000). The corporation makes a cash distribution on the last day of the tax year of $7,000 to the sole shareholder. The shareholders stock basis before the distribution was $4,000.
find the following:
1. amount of taxable dividend
2. non-taxable return of capital
3. recognized capital gain
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X Inc. has beginning accumulated E&P of $10,000 and current E&P deficit for the year of...
X Inc. has beginning accumulated E&P of $8,000 and current E&P for the year of $7,000. The corporation makes a cash distribution of $20,000 to the sole shareholder. The shareholders stock basis before the distribution was $4,000. find the following: 1. amount of taxable dividend 2. non-taxable return of capital 3. recognized capital gain
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