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Problem - Corporate distributions and ESP - On January 1, Eagle Corporation (a calendar year taxpayer) has accumulated E&P of $200,000. During 2020, the corporation incurs a current E&P de?cit of $420,000. On April 1, Eagle distributes $125,000 to Libby, its sole shareholder, who has a basis in her stock of $112,500.
Required - What is the amount and character of income recognized by Libby and what is Libby's ending stock basis?
You also learn that the firm is an aggressive tax planner. What type of pension plan would you recommend? Explain your reasoning
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