Reference no: EM132700079
Problem 1: Sena Corporation distributed $10,000 to Terry, its sole shareholder, on May 1, 2020. Terry's stock basis in Sena Corporation, before adjusting for the 2020 distribution, was $8,000. Sena Corporation had accumulated E & P of $20,000 on January 1, 2020. Sena Corporation had a loss of $30,000 during the period January 1 - June 30, but total year profits as of December 31, were $5,000. Based on this information, Terry will report:
a. Dividend income of $10,000 and zero return of capital.
b. Return of capital of $10,000 and zero dividend income.
c. Dividend income of $5,000 and return of capital of $5,000.
d. Dividend income of $5,000 and capital gain of $5,000.
e. None of the above.
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