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Discuss the distribution emerson has dividend income

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Reference no: EM131798911

At the beginning of the year, Myrna Corporation (a calendar year taxpayer) has E & P of $32,000. The corporation generates no additional E & P during the year. On December 31, the corporation distributes $50,000 to its sole shareholder, Emerson, whose stock basis is $10,000.

As a result the distribution Emerson has dividend income of $___________and a taxable capital gain of $___________. Emerson's stock basis is $ 0 after the distribution.

Reference no: EM131798911

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