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What effect does the dividend received by the shareholder

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X corporation with earnings and profits of $200,000 distributes a building with an adjusted basis of $120 000 and a fair market value of $180,000 to its sole shareholder. The building had a mortgage of $70,000 that the shareholder will assume.

Question 1: What effect does this dividend received by the shareholder have on X corporation's earnings and profits (ignore the income tax effect)?

Reference no: EM132511964

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