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IV.(12 Points)Complete the following schedule for each case. Assume the shareholders have a basis in this investment of $40,000. AccumulatedCash DistributionReturnCapital E&PCurrent(All on LastDividend of
IV.(12 Points)Complete the following schedule for each case. Assume the shareholders have a basis in this investment of $40,000.
AccumulatedCash DistributionReturnCapital
E&PCurrent(All on LastDividend of
Beginning of yearE&P Day of Year)IncomeCapitalGains
A.($150,000)$70,000$140,000__________________
B.130,00050,000190,000__________________
C.120,000(40,000)130,000__________________
D. Same as (C) except
distribution of
$130,000 is
made on June 1and
the corporation uses
the calendar for
Tax purposes.___________________
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