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Business, 15.10.2019 23:00 anthonybowie99

Beaver corporation reported taxable income of $500,000 from operations this year. during the year, the company made a distribution of land to its sole shareholder, eugenia vandam. the land’s fair market value was $20,000 and its tax and e& p basis to beaver was $50,000. eugenia assumed a mortgage on the land of $25,000. any gain from the distribution will be taxed at 21 percent. beaver corporation had accumulated e& p of $1,500,000. (leave no answer blank. enter zero if applicable.)compute beaver's total taxable income and federal income text paid as result of distribution.

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Beaver corporation reported taxable income of $500,000 from operations this year. during the year, t...
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