Reference no: EM133146952
Question -
A) At the beginning of the year, Amber Corporation (a calendar year taxpayer) holds$24,000accumulated E & P. The corporation reports $20,000 current E & P. During the year, the corporation distributes $60,000 to its equal shareholders, Bob and Bonnie (i.e., each receives $30,000). Suppose Bob's basis in his stock is $8,000, while Bonnie's basis is $4,000. Discuss the Tax consequences for each.
B) At the beginning of the year, Amber Corporation held $60,000 in accumulated E & P and 20,000 in current E & P. As above each hold 50% of the company and are equal shareholders. During the year, the corporation distributes $100,000 to its shareholders, Bob receives 60,000whileBonnie receives 40,000. Suppose Bob's basis in his stock is $60,000, while Bonnie's basis is $4,000. Discuss the Tax consequences for each and the tax impacts on the distribution.
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