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Author Question: A calendar-year corporation has a $15,000 current E&P deficit and a $40,000 positive accumulated E&P ... (Read 102 times)

leo leo

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on: Sep 13, 2020

Question 1

The books and records of Finton Corporation, an accrual method taxpayer, reflect the following:



Based on the above, what is the amount of Greg Corporation's current earnings and profits for this year?

Question 2

A calendar-year corporation has a $15,000 current E&P deficit and a $40,000 positive accumulated E&P balance. The shareholders of the corporation have a total basis in outstanding shares of $30,000. A $75,000 distribution is made to the shareholders on the last day of the year. The tax results to the shareholders will be
◦ dividend income of $25,000, a tax-free return of capital of $30,000, and capital gain of $20,000.
◦ dividend income of $0, a tax-free return of capital of $30,000, and capital gain of $45,000.
◦ dividend income of $25,000, a tax-free return of capital of $5,000, and capital gain of $45,000.
◦ dividend income of $40,000, a tax-free return of capital of $30,000, and capital gain of $5,000.
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by leo leo on Sep 13, 2020

karmakat49

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Reply #1 on: Sep 13, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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leo leo

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Reply 2 on: Sep 13, 2020
:D TYSM

covalentbond

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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