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Return of basis and capital gain

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Corp has $175,000 of accumulated E&P as of Jan 1 20x1 and a $160,000 deficit E&P for 20x1 before considering any distributions for 20x1. Shareholder owns 100% of Corp and has a stock basis of $45,000. Corp distributes $85,000 to shareholder on June 30 20x1 and $45,000 to shareholder on July 31, 20x1.

  1. What portion of the June 30 20x1 distribution Is a section 301 dividend, return of basis and capital gain?
  2. What portion of the July 31 20x1 distribution is a section 301 dividend, return of basis and capital gain?

Reference no: EM133246991

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