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On January 1, 2014, Kinney, Inc., an electing S corporation, holds $5,000 of AEP and $9,000 in AAA. Kinney has two shareholders, Eric and Maria, each of whom owns 500 shares of Kinney's stock. Kinney's 2014 taxable income is $6,000. Kinney distributes $6,000 to each shareholder on February 1, 2014, and distributes another $3,000 to each shareholder on September 1. How is Erin taxed on the distribution? a. $500 dividend income. b. $1,000 dividend income. c. $1,500 dividend income. d. $3,000 dividend income. e. None of the above. The answer is C but how?
Loxley Corporation is authorized to issue 50,000 shares of $10 par value common stock. During 2010, Loxley took part in the following selected transactions.
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john fillmores lifelong dream is to own his own fishing boat to use in his retirement. john has recently come into an
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