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AC312 Business Income Tax Assignment

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AC312 Business Income Tax Assignment - Park University, USA

Problem - Sam, Dean, Bobby and Cass are the shareholders of a C-corporation named Winchester 4'Ever, Inc.

Throughout the current tax year (payment dates provided below), Winchester distributed $70,000 cash to its shareholders (25% to each shareholder):

February 1 - $15,000

May 31 - $15,000

November 30 - $20,000

December 31 - $20,000

The beginning stock basis for each shareholder was as follows:

Sam - $11,000

Dean - $3,000

Bobby - $35,000

Cass - $0

Assume Winchester's current E&P was a negative ($45,000) and its accumulated E&P at the beginning of the year was a positive $35,000. How much of the total $75,000 distribution will be reported as a dividend distribution to the shareholders?

A) $16,250

B) $0

C) $70,000

D) $35,000

Reference no: EM132462633

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