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How does the federal income tax law treat the distribution

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Problem 1: At the beginning of the year, Myrna Corporation (a calendar year taxpayer) holds E & P of $39,600. The corporation generates no additional E & P during the year. On December 31, the corporation distributes $59,400 to its sole shareholder, Abby, whose stock basis is $11,880. How does the Federal income tax law treat this distribution?

Reference no: EM132791743

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