Corporation is a calendar year taxpayer. Shelly owns all of its stock. Her basis for the stock is $8,000.

On April 1 of the current (non-leap) year Spade distributes $54,000 to Shelly.

Spade Corporation is a calendar year taxpayer. Shelly owns all of its stock. Her basis for the stock is $8,000. On April 1 of the current (non-leap) year Spade distributes $54,000 to Shelly. Read the requirement. a. Distribution Dividend income Remaining distribution Return of Capital TI Capital gain (loss) Carryforward Accumulated E&P Spade Corporation is a calendar year taxpayer. Shelly owns all of its stock. Her basis for the stock is $8,000. On April 1 of the current (non-leap) year Spade distributes $54,000 to Shelly. Read the requirement. a. Distribution Dividend income Remaining distribution Return of Capital TI Capital gain (loss) Carryforward Accumulated E&P