At the beginning of the year, Myrna Corporation (a calendar year taxpayer) holds E & P of $60,300. The corporation generates no additiona E & P during the year. On December 31, the corporation distributes $90,450 to its sole shareholder, Abby, whose stock basis is $18,090. How does the Federal income tax law treat this distribution? If an amount is zero, enter "0". As a result the distribution Abby has the following: • Dividend income: 60,300 • Return of capital: 18,090 ✔ • Capital gain:

At the beginning of the year, Myrna Corporation (a calendar year taxpayer) holds E & P of $60,300. The corporation generates no additiona E & P during the year. On December 31, the corporation distributes $90,450 to its sole shareholder, Abby, whose stock basis is $18,090. How does the Federal income tax law treat this distribution? If an amount is zero, enter "0". As a result the distribution Abby has the following: • Dividend income: 60,300 • Return of capital: 18,090 ✔ • Capital gain:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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