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Circle Corporation has 1,000 shares of common stock outstanding. Circle redeems 450 shares owned by ...

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Circle Corporation has 1,000 shares of common stock outstanding. Circle redeems 450 shares owned by ...

Circle Corporation has 1,000 shares of common stock outstanding. Circle redeems 450 shares owned by Dennis for $75,000 in complete redemption of Dennis's interest. The redemption qualifies as a sale. When the redemption is made, Circle Corporation has $150,000 of current and accumulated E&P and paid-in capital of $50,000. The distribution reduces paid-in capital by
A) $67,500.
B) $22,500.
C) $17,500.
D) $0.

Textbook

Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts

Edition: 27^th

Authors: Anderson, Pope, Rupert

Read 434 times

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