Question
Bait Corporation has accumulated E & P of $40,000 on January 1, 2015. In 2015, Bait has current E & P of $45,000 (before any
Bait Corporation has accumulated E & P of $40,000 on January 1, 2015. In 2015, Bait has current E & P of $45,000 (before any distribution). On December 31, 2014, the corporation distributes $120,000 to its sole shareholder, Richard (an individual). Which of the following is Bait Corporation's E & P as of January 1, 2015?
a. $0
b. ($35,000)
c. $40,000
d. $85,000
e. None of the above
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Government Auditing Standards 2011 Revision
Authors: U. S. Government Accountability Office, Comptroller General Of The United States
1st Edition
1482311372, 978-1482311372
