4 Required information Part 1 of 3 The folloing Information applies to the questions displayed below Flintstone Company Is owned equally by Fred Stone and his sister Wlma, each of whom hold 1,800 shares In the company. Wilma wants to reduce her ownership In the company, and It was declded that the company wll redeem 460 of her shares for $29,900 per share on December 31 of thls year. Wllma's Income tax basis In each share is $8,300. Flintstone has current E&P of $10.620,000 and accumulated E&P of $50,040,000. points a. What is the amount and character (capltal gain or dividend) recognized by Wilma as a result of the stock redemption, assuming only the "substantlally disproportionate with respect to the shareholder test Is applied? eBook Print