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What is the amount and character of the distribution to jody

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Question 1: Vebos, Inc. distributes $10,000 cash and a machine with a fair market value of $5,000 (adjusted basis to Vebos was $200) at time of distribution to its shareholder Jody. Vebos had current E&P of $100,000 at the distribution. What is the amount and character of the distribution to Jody?

Option 1: $10,000 dividend and $5,000 gain

Option 2: $10,200 dividend

Option 3: $15,000 dividend

Reference no: EM132489151

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