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Calculate the effects of the december distribution

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Question - For the 2020 tax year, Flack Corporation had a deficit in Current E & P of $48,043, and a positive balance in Accumulated E & P of $162,320. On December 31, Flack made a cash distribution of $177,610 to its sole shareholder, Christine: Christine has a basis in her Flack Corporation stock of $16,371. Calculate the effects of the December 31 distribution, including the breakdown on Form 1099. Show calculation.

Reference no: EM133035928

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