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What is john recognized gain or loss

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John owns 100% of the stock of Zook, Inc., with an adjusted basis of $70,000. He receives a cash distribution of $195,000 from Zook when its earnings and profits are $85,000.

Problem a. What is John's dividend income?

Problem b. What is John's recognized gain or loss?

Problem c. What is John's adjusted basis for her stock after the distribution?

Reference no: EM132737983

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