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20. On January 1. Eagle Corporation (a calendar year taxpayer) has accumulated E & P of $300.000 Durin Facle incurs a net loss of $360,000
20. On January 1. Eagle Corporation (a calendar year taxpayer) has accumulated E & P of $300.000 Durin Facle incurs a net loss of $360,000 from operations that accrues ratably. On June 30, Eagle distributes $120 its sole shareholder, who has a basis in her stock of $50,000. What are the tax consequences to Libb Corporation? umulated E & P of $300,000. During the year, gle distributes $120,000 to Libby, at are the tax consequences to Libby and Eagle
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