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What is the amount and type of income

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Reference no: EM133102829

Question - Shareholders A and B own 400 shares each of the outstanding stock of a corporation. Shareholder C owns the remaining 600 shares.

None of the shareholders are related.

The corporation has $500,000 in current earnings and profits.

The corporation redeems 150 shares from Shareholder A and 100 shares from Shareholder B for $1,000 each.

Shareholder A's basis in her redeemed shares is $90,000, and Shareholder B's basis in his redeemed shares is $35,000.

What is the amount and type of income that Shareholder B must report as a result of the redemption of his stock?

Reference no: EM133102829

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