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What is the shareholders tax basis in her company stock

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Problem - Company reports current E&P of $310,000 and accumulated E&P of negative $282,500. Company distributed $505,000 to its sole shareholder on the last day of the year. The shareholder tax basis in the company stock is $128,750.

What is the shareholders tax basis in her company stock after the distribution?

What is the company balance in accumulated E&P on the first day of next year?

Reference no: EM131565060

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