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Grey Inc is organized as a C Corp. Accumulated E & P is ($50,000) and current E & P is ($10,000). Shane Grey, the sole
Grey Inc is organized as a C Corp. Accumulated E & P is ($50,000) and current E & P is ($10,000). Shane Grey, the sole shareholder takes as a distribution, inventory with a FMV of $25,000 and a corporate basis of $20,000. Shane's basis in his stock is $16,000. At the corporate level, Grey Inc would report:
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