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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?
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