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Module Seven Homework Saved Help Save & Exit Submit ! . Required information [ The following information applies to the questions displayed below. ] Miley
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Miley decided to terminate the S corporation election of her solely owned corporation on October effective immediately in preparation for taking it public. Miley had previously elected S corporation status on January At the time of the election, the corporation had an accumulated adjustments account balance of $ and $ of accumulated Earnings and profit from prior C corporation years, and Miley had a basis in her corporation stock of $ During Miley's corporation reported $ taxable income or loss. Also, during the corporation made distributions to Miley of $ and $
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How are these distributions taxed to Miley assuming the following?
Note: Leave no answer blank. Enter zero if applicable. Enter NA if not applicable.
b Both distributions are in cash. The first was paid on June and the second was paid on September
tabletableAmountTaxableTaxable asJune NASeptember Capital gain
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