Chapter 7 Homework Assignment 5 Part 1 of 3 0.55 points eBook Ask Print References Required information [The following information applies to the questions displayed below.] This year, Sooner Company reports a deficit in current E&P of ($300,000). Its accumulated E&P at the beginning of the year was $200,000. Sooner distributed $400,000 to its sole shareholder, Boomer, on June 30 of this year. Boomer's tax basis in the Sooner stock before the distribution is $75,000. Note: Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign. Saved a. How much of the $400,000 distribution is treated as a dividend to Boomer? Dividend $ 0 Help Save & Ch

Required information The following information applies to the questions dispiayed below] This year, Sooner Company reports a deficit in current E8P of ($300,000). its accumulated E\&P at the beginning of the year was $200,000. Sooner distributed $400,000 to its sole shareholder, 800mer, on June 30 of this year, Boomer's tax basis in the Sooner stock before the distribution is $75,000. Note: Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign. a. How much of the $400,000 distribution is treated as a dividend to Boomer