! 15 Required information [The following information applies to the questions displayed below) Tiny and Tim each owns half of the 100 outstanding shares of Flower Corporation This year, Flower reported taxable income of $6,000. In addition, Flower received $20,000 of life insurance proceeds due to the death of an employee (Flower paid $500 in life insurance premiums this year). Flower had $5,000 of accumulated E&P at the beginning of the year. (Leave no answer blank. Enter zero if applicable.) b. Flower distributed $6,000 on February 15 and $30,000 on August 1. What total amount of dividends will Tiny and Tim report? (Do not round intermediate calculations.) Answer is complete but not entirely correct. February August 1 Total dividends $ 6,000 23,000 15 ! Required information [The following information applies to the questions displayed below] Tiny and Tim each owns half of the 100 outstanding shares of Flower Corporation This year, Flower reported taxable income of $6,000. In addition, Flower received $20,000 of life insurance proceeds due to the death of an employee (Flower paid $500 in life insurance premiums this year). Flower had $5,000 of accumulated E&P at the beginning of the year. (Leave no answer blank. Enter zero if applicable.) c. What amount of capital gain (if any) would Tiny and Tim report on the distributions in part (b) if their stock bases are $2,000 and $10,000, respectively? (Do not round intermediate calculations.) Answer is complete but not entirely correct. Capital gain - Tiny Capital gain - Tim $ $ 24,000 24,000 W ! 15 Required information [The following information applies to the questions displayed below) Tiny and Tim each owns half of the 100 outstanding shares of Flower Corporation This year, Flower reported taxable income of $6,000. In addition, Flower received $20,000 of life insurance proceeds due to the death of an employee (Flower paid $500 in life insurance premiums this year). Flower had $5,000 of accumulated E&P at the beginning of the year. (Leave no answer blank. Enter zero if applicable.) b. Flower distributed $6,000 on February 15 and $30,000 on August 1. What total amount of dividends will Tiny and Tim report? (Do not round intermediate calculations.) Answer is complete but not entirely correct. February August 1 Total dividends $ 6,000 23,000 15 ! Required information [The following information applies to the questions displayed below] Tiny and Tim each owns half of the 100 outstanding shares of Flower Corporation This year, Flower reported taxable income of $6,000. In addition, Flower received $20,000 of life insurance proceeds due to the death of an employee (Flower paid $500 in life insurance premiums this year). Flower had $5,000 of accumulated E&P at the beginning of the year. (Leave no answer blank. Enter zero if applicable.) c. What amount of capital gain (if any) would Tiny and Tim report on the distributions in part (b) if their stock bases are $2,000 and $10,000, respectively? (Do not round intermediate calculations.) Answer is complete but not entirely correct. Capital gain - Tiny Capital gain - Tim $ $ 24,000 24,000 W
