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Jack is the only shareholder of XYZ Corporation. At year-end, XYZ had $200 of current year earnings and profits and $600 of accumulated earnings and profits. If XYZ distributes cash of $200 to Jack, what is Jack's tax liability on the dividend, if any? Assume Jack has a basis of $10 in XYZ shares.

Question 1: How does this result change if XYZ only has $50 of current earnings and profits and $100 of accumulated earnings and profits?

Question 2: Clearly identify the requirements being addressed and calculations.

Reference no: EM132462420

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