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How much will be taxable to Josh as a taxable dividend

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Question - BigSpender, Inc. ("Big") is considering paying out a distribution to its sole shareholder, Josh, of $70,000. Such distribution may or may not be taxable. Josh formed Big in 2012 by contributing capital of $50,000 cash.

Big has current E&P of $20,000 and accumulated E&P of $35,000. Of the $70,000 distribution, how much will be taxable to Josh as a taxable dividend?

Big has current E&P of $45,000 and an accumulated deficit in E&P of $10,000. Of the $70,000 distribution, how much will be taxable to Josh as a taxable dividend?

Reference no: EM132864905

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