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Describe the effect of a $ 1 1 5 , 0 0 0 cash distribution paid on October 1 to the sole shareholder of a

Describe the effect of a $ 115,000 cash distribution paid on October 1 to the sole shareholder of a calendar year corporation whose stock basis is $ 18,000 when the corporation has $ 115,000 of current E&P and $ 115,000 of accumulated E&P.

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