Tiny and Tim each own half of the 100 outstanding shares of Flower Corporation. This year Flower
Question:
a. What is Flower's current E&P?
b. Flower distributed $6,000 on February 15 and $30,000 on August 1. What total amount of dividends will Tiny and Tim report?
c. What amount of capital gain (if any) would Tiny and Tim report on the distributions in part b if their stock basis is $2,000 and $10,000, respectively?
d. What form would Flower use to report non-dividend distributions?
e. On what form (line) would Tiny and Tim report these distributions?
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Related Book For
Taxation Of Individuals And Business Entities 2015
ISBN: 9780077862367
6th Edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
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