{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-09-16T00:08:47-04:00", "answer_date": "2024-09-16 00:08:47", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "11107573", "url": "\/study-help\/questions\/for-the-following-questions-provide-an-explanation-of-the-correct-11107573", "question_creation_date_js": "2024-09-16T00:08:47-04:00", "question_creation_date": "Sep 16, 2024 12:08 AM", "meta_title": "[Solved] For the following questions, provide an e | SolutionInn", "meta_description": "Answer of - For the following questions, provide an explanation of the correct answer and why the other choices are incorrect. Rid | SolutionInn", "meta_keywords": "questions,provide,explanation,correct,answer,choices,incorrect,ridge,corp.,calendar,year,c", "question_title_h1": "For the following questions, provide an explanation of the correct answer and why the other choices are incorrect. Ridge Corp., a calendar year C corporation,", "question_title": "For the following questions, provide an explanation of the correct answer and", "question_title_for_js_snippet": "For the following questions, provide an explanation of the correct answer and why the other choices are incorrect Ridge Corp , a calendar year C corporation, made a non liquidating the cash distribution to its shareholders of $1,000,000 with respect to its stock At that time, Ridges current and accumulated earnings and profits totaled $750,000 and its total paid in capital for tax purposes was $10,000,000 Ridge had no corporate shareholders Ridges cash distribution I Was taxable as $750,000 in dividend income to its shareholders II Reduced its shareholders adjusted bases in Ridge stock by $250,000 a I only b II only c Both I and II d Neither I nor II", "question_description": "
For the following questions, provide an explanation of the correct answer and why the other choices are incorrect.
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Ridge Corp., a calendar year C corporation, made a non-liquidating the cash distribution to its shareholders of $1,000,000 with respect to its stock. At that time, Ridges current and accumulated earnings and profits totaled $750,000 and its total paid-in capital for tax purposes was $10,000,000. Ridge had no corporate shareholders.<\/div>
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Ridges cash distribution:<\/div>
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I. Was taxable as $750,000 in dividend income to its shareholders.<\/div>
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II. Reduced its shareholders adjusted bases in Ridge stock by $250,000.<\/div>
<\/div>
a. I only<\/div>
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b. II only<\/div>
<\/div>
c. Both I and II<\/div>
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d. Neither I nor II<\/div>
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