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I don't have correct answer for below questions, anyone else can help? Lone Star Company is a calendar-year corporation, and this year Lone Star reported

I don't have correct answer for below questions, anyone else can help?

Lone Star Company is a calendar-year corporation, and this year Lone Star reported $130,000 in current E&P that accrued evenly throughout the year. At the beginning of the year, Lone Star's accumulated E&P was $15,600. At the beginning of the year, Lone Star's sole shareholder was Matt. Lone Star declared $39,000 in cash distributions on each of the following dates: March 31, June 30, September 30, and December 31.

Note: Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign.

b. Suppose that Matt sold half of the shares to Chris on June 1st for $43,000. How much dividend income will Matt recognize this year?

c. If Matt's basis in the Lone Star shares was $7,120 at the beginning of the year, how much capital gain will he recognize on the sale and distributions from Lone Star?

image text in transcribedimage text in transcribed Required information [The following information applies to the questions displayed below.] Lone Star Company is a calendar-year corporation, and this year Lone Star reported $130,000 in current E\&P that accrued evenly throughout the year. At the beginning of the year, Lone Star's accumulated E\&P was $15,600. At the beginning of the year, Lone Star's sole shareholder was Matt. Lone Star declared $39,000 in cash distributions on each of the following dates: March 31, June 30, September 30, and December 31. Note: Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign. Suppose that Matt sold half of the shares to Chris on June 1st for $43,000. How much dividend income will Matt recognize this year Answer is complete but not entirely correct. Required information [The following information applies to the questions displayed below.] Lone Star Company is a calendar-year corporation, and this year Lone Star reported $130,000 in current E\&P that accrued evenly throughout the year. At the beginning of the year, Lone Star's accumulated E\&P was $15,600. At the beginning of the year, Lone Star's sole shareholder was Matt. Lone Star declared $39,000 in cash distributions on each of the following dates: March 31, June 30, September 30, and December 31. Note: Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign. If Matt's basis in the Lone Star shares was $7,120 at the beginning of the year, how much capital gain will he recognize on the sale Ind distributions from Lone Star

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