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Lone Star Company is a calendar-year corporation, and this year Lone Star reported $124,000 in current E&P that accrue evenly throughout the year. At
Lone Star Company is a calendar-year corporation, and this year Lone Star reported $124,000 in current E&P that accrue evenly throughout the year. At the beginning of the year, Lone Star's accumulated E&P was $14,880. Lone Star declared $37,200 in cash distributions on each of the following dates: April 1, July 1, October 1, and December 31. Note: Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign. Suppose that Matt owned all Lone Star's shares at the beginning of the year and sold half of the shares to Chris on June 1st f 9,600. How much dividend income will Matt recognize this year?
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