This year, Bobcat Company reports a deficit in current E&P of ($300,000) that accrued evenly throughout the year. At the beginning of the year, Bobcat's accumulated E&P was $200,000. Bobcat distributed $200,000 to its sole shareholder, Melanie, on June 30 of this year. Melanie's tax basis in the Bobcat stock before the distribution was $75,000. Note: Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign. d. Prepare a draft of Bobcat's form 5452 for this year. You may assume that the June 30 distribution was Bobcat's first and only distribution. Note: Visit the IRS website and download Form 5452.
This year, Bobcat Company reports a deficit in current E&P of ($300,000) that accrued evenly throughout the year. At the beginning of the year, Bobcat's accumulated E&P was $200,000. Bobcat distributed $200,000 to its sole shareholder, Melanie, on June 30 of this year. Melanie's tax basis in the Bobcat stock before the distribution was $75,000. Note: Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign. d. Prepare a draft of Bobcat's form 5452 for this year. You may assume that the June 30 distribution was Bobcat's first and only distribution. Note: Visit the IRS website and download Form 5452.
Chapter19: Corporations: Distributions Not In Complete Liquidation
Section: Chapter Questions
Problem 37P
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![This year, Bobcat Company reports a deficit in current E&P of ($300,000) that accrued evenly throughout the
year. At the beginning of the year, Bobcat's accumulated E&P was $200,000. Bobcat distributed $200,000
to its sole shareholder, Melanie, on June 30 of this year. Melanie's tax basis in the Bobcat stock before the
distribution was $75,000. Note: Leave no answer blank. Enter zero if applicable. Negative amount should be
indicated by a minus sign. d. Prepare a draft of Bobcat's form 5452 for this year. You may assume that the
June 30 distribution was Bobcat's first and only distribution. Note: Visit the IRS website and download Form
5452.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1b439e49-b0b9-4aaf-a1ef-ab32757f2da8%2F21092ffd-6c4e-45e1-8d1f-fb3b56e618bb%2F8tbww7_processed.png&w=3840&q=75)
Transcribed Image Text:This year, Bobcat Company reports a deficit in current E&P of ($300,000) that accrued evenly throughout the
year. At the beginning of the year, Bobcat's accumulated E&P was $200,000. Bobcat distributed $200,000
to its sole shareholder, Melanie, on June 30 of this year. Melanie's tax basis in the Bobcat stock before the
distribution was $75,000. Note: Leave no answer blank. Enter zero if applicable. Negative amount should be
indicated by a minus sign. d. Prepare a draft of Bobcat's form 5452 for this year. You may assume that the
June 30 distribution was Bobcat's first and only distribution. Note: Visit the IRS website and download Form
5452.
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