Business, 08.01.2020 01:31 robertotugalanp1wlgs

On january 1, 2015, kinney, inc., an electing s corporation, holds $5,000 of aep and $9,000 in aaa. kinney has two shareholders, eric and maria, each of whom owns 500 shares of kinney's stock. kinney's 2015 taxable income is $6,000. kinney distributes $6,000 to each shareholder on february 1 2015, and distributes another $3,000 to each shareholder shareholder on september 1.

how is erin taxed on the distribution?

a. $500 dividend income.

b. $1,000 dividend income.

c. $1,500 dividend income.

d. $3,000 dividend income.

e. none of the above.

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On january 1, 2015, kinney, inc., an electing s corporation, holds $5,000 of aep and $9,000 in aaa....

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