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How is the distribution treated by the shareholder

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Question - Longhorn Company reports current E&P of $165,000 in 20X3 and a deficit of ($330,000) in accumulated E&P at the beginning of the year. Longhorn distributed $495,000 to its sole shareholder on January 1, 20X3. The shareholder's tax basis in his stock in Longhorn is $165,000. How is the distribution treated by the shareholder in 20X3?

Reference no: EM132571964

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