Comprehensive problem 18-68 thriller corporation has one

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Comprehensive Problem 18-68 Thriller Corporation has one class of voting common stock, of which 1,000 shares are issued and outstanding. The shares are owned as follows: Joe Jackson 400 Mike Jackson 200 Jane Jackson 200 Vinnie Price (unrelated) 200 Total 1,000 Thriller Corporation has current E&P of $300,000 for this year and accumulated E&P at January 1 of this year of $500,000. During this year, the corporation made the following distributions to its shareholders: 03/31: Paid a dividend of $10/share to each shareholder . 06/30: Redeemed 200 shares of Joe's stock for $200,000. Joe's basis in the 200 shares redeemed was $100,000. 09/30: Redeemed 60 shares of Vinnie's stock for $60,000. His basis in the 60 shares was $36,000. 12/31: Paid a dividend of $10/share to each shareholder. b.Compute the corporation's accumulated E&P at January 1 of next year.Accumulated E&P at 01/01/12 $?

Reference no: EM13566151

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