Author Question: Greg Corporation, an accrual method taxpayer, had accumulated earnings and profits of $300,000 as of ... (Read 41 times)

krzymel · **on:** Sep 13, 2020

Question 1

Dixie Corporation distributes $31,000 to its sole shareholder, Sally. At the time of the distribution, Dixie's E & P is $25,000 and Sally's basis in her Dixie stock is $10,000. Sally's basis in her Dixie stock after the distribution is
◦ $4,000.
◦ $10,000.
◦ $25,000.
◦ $31,000.

Question 2

Greg Corporation, an accrual method taxpayer, had accumulated earnings and profits of $300,000 as of December 31, last year. For its current tax year, Greg's books and records reflect the following:

Based on the above, what is the amount of Greg Corporation's current earnings and profits for this year?
◦ $120,500
◦ $122,000
◦ $124,500
◦ $129,500

polinasid · **Reply #1 on:** Sep 13, 2020

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