$1$

Pert $1$ of $3$

Required information

Problem $18-38($LO $18-2)($Algo$)$

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$5\mathrm{.}26$

points

This year, Sooner Company reports a deficit in current E&P of $($$$398,000).$ Its accumulated E&P at the beginning of the year was $$386,000.$ Sooner distributed $$772,000$ to its sole shareholder, Boomer, on June $30$ of this year. Boomer's tax basis in the Sooner stock before the distribution is $$91,500.$

Note: Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign.

Problem $18-38$ Part a $($Algo$)$

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$0.$ How much of the $$772,000$ distribution is treated as a dividend to Boomer?

References

Dividend