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How much dividend income do the shareholders report

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Reference no: EM131721718

Question - Pheasant corp a calendar year taxpayer has $400,000 of current E&P and a deficit in accumulated E&P of $180,000 if pheasant pays a $600,000distribution to its shareholders on July 1st, how much dividend income do the shareholders report?

a) $0

b) $20,000

c) 220,000

d) $400,000

e) none of the above

Reference no: EM131721718

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