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Business, 02.04.2020 04:46 OkK1510

Blue Corporation has a deficit in accumulated E & P of $300,000 and has current E & P of $225,000. On July 1, Blue distributes $250,000 to its sole shareholder, Sam, who has a basis in his stock of $52,500. As a result of the distribution, Sam has:

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Blue Corporation has a deficit in accumulated E & P of $300,000 and has current E & P of $22...
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