Reference no: EM131759319
Complete the following schedule for each case. Unless otherwise indicated, assume that the shareholders have ample basis in the stock investment.
Cash
Accumulated distributions
E & P beginning (all on last dividend return of
Of year current E & P day of year) income capital
a. ($200,000) $70,000 $130,000 __________ ____________
b. 150,000 ($120,000) 210,000 __________ ____________
c. 90,000 70,000 150,000 __________ ____________
d. 120,000 (60,000) 130,000 __________ _____________
e. Same as (d), except that the distribution of $130,000 is made on June 30 and the corporation uses the calendar year for tax purposes.