Explain how is erin taxed on this distribution

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Reference no: EM13127474

On January 1, 2006, 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 2006 taxable income is $5,000. Kinney distributes $6,000 to each shareholder on February 1, 2006, and distributes another $3,000 to each shareholder on September 1. How is Erin taxed on this distribution

Reference no: EM13127474

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