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Each of whom owns 500 shares of kinneys stock kinneys 2010

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9.On January 1, 2010, Kinney, Inc. an electing S corporation, has $4,000 of AEP and a balance of $10,000 in AAA. Kinney has two shareholders, Erin and Maine, each of whom owns 500 shares of Kinney's stock. Kinney's 2010 taxable income is $5,000. Kinney distributes $6,000 to each shareholder on February 1, 2010, and distributes another $3,000 to each shareholder on September 1. How is Erin taxed on this distribution?

  • $1,000 dividend income

 

  • $1,500 dividend income

 

  • $3,000 dividend income

 

  •  None of the abov

Reference no: EM13391019

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