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Problem - Ricky owns stock in Dove Corporation. His adjusted basis for the stock is $90,000. During the year, he receives a distribution from the corporation of $75,000 that is labeled a return of capital (i.e., Dove has no earnings and profits).
a. Determine the tax consequences to Ricky.
b. Assume instead that the amount of the distribution is $150,000. Determine the tax consequences to Ricky.
c. Assume instead in part (a) that the $75,000 distribution is labeled a taxable dividend (i.e., Dove has earnings and profits of at least $75,000).
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