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How wil denee be taxed on the redemption of her stock

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Question - Liang Corporation has only on class of stock outstanding consisting of two hundred shares owned by denee and karen who are unrelated. Denee owns 120 shares and karen owns 80 shares. Liang corporation redeem bought back 48 of denee's shares for $300 per share (14,400 total). Denee paid $200 per share for her stock in Liang corporation three years ago. Assuming that Liang corporation has substantial earnings and profits. How wil denee be taxed on the redemption of her stock?

Long term capital gain of $14,000

Long term capital gain of $9,600

Longterm capital gain of $4,800

Dividend income of $14,000

Reference no: EM133049375

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