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What is the balance of old corp earnings and profit

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On March 15, 2019, Old Corp. distributes land to Jones, one of its shareholders. The land had a FMV of $65,000. The land had an adjusted basis in Old Corp.'s hands of $45,000. Old Corp. had pre-distribution current earnings and profits of $53,000 for the year ending December 31, 2019. It had no accumulated earnings and profits. Jones' adjusted basis in his stock is equal to $20,000.

Question 1: What is the balance of Old Corp's earnings and profits after the distribution of the land to Jones?

Reference no: EM132570113

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