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Question 15 2 pts Elijah owns 20% of Park Corporation's (a C corporation) single class of stock. Elijah's basis in the stock is $8,000. Park's E&P is $28,000. If Park redeems all of Elijah's stock for $48,000, Elijah must report dividend income of ' $0. ' $28,000. ' $40,000. ' $48,000. Question 16 2 pts Which of the following is n_ot a condition that permits a stock redemption to be treated as a sale? It provides funds for payment of income taxes. It is not essentially equivalent to a dividend. ' The redemption is substantially disproportionate. ' The redemption completely terminates the shareholder's interest