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What is the E-P balance for ShoeBiz and for Park

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Problem - Park Corporation distributes its shoe manufacturing line of business to the newly created ShoeBiz Corporation in a transaction qualifying as a "Type D" spin-off reorganization. Before the distribution, Park is worth $4,000,000 and its E & P balance is $630,000. After the spin-off, Park's value is $3,000,000 and ShoeBiz's value is $1,000,000.

Required - After the "Type D" reorganization, what is the E & P balance for ShoeBiz and for Park?

Reference no: EM132646891

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