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safezone safezone
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7 years ago
Payment Corporation has accumulated E&P of $19,000 and current E&P of $28,000. During the year, the corporation makes the following distributions to its sole shareholder:

Date   Amount Distributed
April 1
June 1
August 1
November 1   $20,000
20,000
15,000
5,000

The sole shareholder's basis in her stock is $45,000. What are the tax consequences of the June 1 distribution?
Textbook 
Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts

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


Edition: 27th
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That's not philosophy, it's geometry
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RimounRimoun
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safezone Author
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7 years ago
Thanks
ethom947
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Yesterday
Thanks for your help!!
shelbycox
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2 hours ago
this is exactly what I needed
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