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At the beginning of the current year, both Moe and Larry each own 50% of Sitcom Corporation. In July, Moe sold his stock to Curly for $110,000. At the beginning of the year, Sitcom Corporation had accumulated E & P of $200,000 and its current E & P is $250,000 (prior to any distributions). Sitcom distributed $260,000 on March 1 ($130,000 to Moe and $130,000 to Larry) and distributed another $260,000 on October 1 ($130,000 to Curly and $130,000 to Larry).
Problem a) What are the tax implications of the $130,000 distribution to Curly?
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