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What amount of dividend income? will ellyn recognize

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Question 1: On January? 1, 2020 EA Inc makes an S Corporation election. EA Inc has been operated as a C Corporation for several years and had E? &;P of? $50,000 at January? 1, 2020. Ellyn? , the sole shareholder has a tax basis in her shares of EA Inc of? $100,000 on January? 1, 2020. During 2020? , EA Inc has taxable income of? $250,000. On December? 31, 2020 EA Inc distributes? $600,000 to Ellyn. What amount of dividend income? and/ or capital gain will Ellyn recognize as a result of the cash distribution??

A. Dividend income? $50,000; capital gain? $200,000
B. ?$50,000 dividend income
C. Capital gain of? $250,000
D. No dividend income or gain

Reference no: EM132873436

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