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What is the character of the distribution to Emily

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Problem - In 2019, Emily receives a distribution of $125,000 from her wholly owned calendar year corporation. As of January 1, 2019, the corporation has accumulated E & P of $15,000 and for 2019 has current E & P of $65,000. Emily's basis in her stock is $35,000. What is the character of the distribution to Emily?

Reference no: EM132673389

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