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Jayhawk Company reports current E&P of $365,000 and accumulated E&P of negative $330,000. Jayhawk distributed $435,000 to its sole shareholder, Christine Rock, on the last

Jayhawk Company reports current E&P of $365,000 and accumulated E&P of negative $330,000. Jayhawk distributed $435,000 to its sole shareholder, Christine Rock, on the last day of the year. Christines tax basis in her Jayhawk stock is $59,750.

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