How much of the $180,000 is a dividend to libby

Reference no: EM13315076

On January 1, Eagle Corporation (a calendar year taxpayer) has accumulated E & P of $300,000. During the year, Eagle incurs a net loss of $420,000 from operations that accrues ratably. On June 30, Eagle distributes $180,000 to Libby, its sole shareholder, who has a basis in her stock of $112,500. How much of the $180,000 is a dividend to Libby?
a. $0.
b. $90,000.
c. $112,500.
d. $180,000.
e. None of the above.

Reference no: EM13315076

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