ns 100% of the stock of Lilac, Inc., with an adjusted basis of $45,000. She receives a cash distribution of $160,000 from Lilac when its earnings and profits are $90,000. A. What is Marilyn’s dividend income? B. What is Marilyn’s recognized gain or loss? c. What is Marilyn’s
ns 100% of the stock of Lilac, Inc., with an adjusted basis of $45,000. She receives a cash distribution of $160,000 from Lilac when its earnings and profits are $90,000. A. What is Marilyn’s dividend income? B. What is Marilyn’s recognized gain or loss? c. What is Marilyn’s
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter15: S Corporations
Section: Chapter Questions
Problem 2CE
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Marilyn owns 100% of the stock of Lilac, Inc., with an adjusted basis of $45,000. She receives a cash distribution of $160,000 from Lilac when its earnings and profits are $90,000.
A. What is Marilyn’s dividend income?
B. What is Marilyn’s recognized gain or loss?
c. What is Marilyn’s adjusted basis for her stock after the distribution?
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