What is christine tax basis in her jayhawk stock

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Question - Jayhawk Company reports current E&P of $402,500 and accumulated E&P of negative $327,500. Jayhawk distributed $450,000 to its sole shareholder, Christine Rock, on the last day of the year. Christine's tax basis in her Jayhawk stock is $36,000.

How much of the $450,000 distribution is treated as a dividend to Christine?

What is Christine's tax basis in her Jayhawk stock after the distribution?

What is Jayhawk's balance in accumulated E&P on the first day of next year?

Reference no: EM132195456

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