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3. Carl has a basis of $7,500 in his stock. The corporation has $1,500 of E&P. Carl receives a distribution of S10,000. (a) How much

3. Carl has a basis of $7,500 in his stock. The corporation has $1,500 of E&P. Carl

receives a distribution of S10,000. (a) How much dividend income does he have? (b)

How much capital gain does he have, if any? (c) What's his new basis in his stock?

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