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How much dividend income must gram shareholder recognize

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QUESTION - Gram Corporation has $100,000 of accumulated earnings and profits at the beginning of the year. Before considering the effects of any distributions, Gram's current earnings and profits are $45,000. Gram distributes land to its sole shareholder with a tax basis of $125,000 and a fair market value of $180,000. How much dividend income must Gram's shareholder recognize as a result of this distribution?

Reference no: EM133057757

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