How is deanna taxed on this distribution

Reference no: EM13300331

On January 1, 2010, King, Inc., an electing S corporation, has $9,000 of AEP and a balance of $15,000 in AAA. King has two shareholders, Deanna and Mary, each of whom owns 500 shares of King's stock. King's 2010 taxable income is $9,000. King distributes $11,000 to each shareholder on February 1, 2010, and distributes another $3,000 to each shareholder on September 1. How is Deanna taxed on this distribution?

Reference no: EM13300331

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