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Question - Jayhawk Company reports current E&P of $380,000 and a deficit in accumulated E&P at the beginning of the year of ($257,500). Jayhawk distributed $432,500 to its sole shareholder, Christine Rock, on the last day of the year. Christine's tax basis in her Jayhawk stock before the distribution is $49,500.
Required -
A) How much of the $432,500 distribution is treated as a dividend to Christine?
B) What is Christine's tax basis in her Jayhawk stock after the distribution?
C) What is Jayhawk's balance in accumulated E&P on the first day of next year?
1) Submission: This assignment must be submitted electronically using blackboard assignment manager. Email and physical submissions will not be graded.
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