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How is this distribution treated for tax purposes by Arnold

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Reference no: EM132935231

Question - Prior to 2020, X-Men Corporation had accumulated earnings and profits of $12,000, and during 2020 its net current earnings amounted to $18,000. Enjoying excellent cash flow at the end of 2020, X-Men distributed $45,000 cash to its sole stockholder, Arnold, who had purchased his stock for $11,000 several years ago. How is this distribution treated for tax purposes by Arnold?

Reference no: EM132935231

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