On January 1, 2021, Kinney, Inc , an S corporation, reports $14,400 of accumulated E P and a balance of $36,000 in AAA Kinney has two is $18,000 Kinney distributes $21,600 to each shareholder on July 1 , and it distributes another $10,800 to each shareholder on the shareholders taxed on the distributions Ignore the 20 QBI deduction Do not round intermediate computations If required, round your final answers to the nearest dollar Erin and Frank each report $ X dividend income for the July 1 distribution and $ each for the December 21 distribution Assuming that the shareholders have sufficient basis in their stock, Erin and Frank each receive $ distribution from AAA

Question

On January 1, 2021, Kinney, Inc , an S corporation, reports $14,400 of accumulated E    P and a balance of $36,000 in AAA  Kinney has two is $18,000  Kinney distributes $21,600 to each shareholder on July 1 , and it distributes another $10,800 to each shareholder on the shareholders taxed on the distributions  Ignore the 20  QBI deduction  Do not round intermediate computations  If required, round your final answers to the nearest dollar  Erin and Frank each report  $ X dividend income for the July 1 distribution and $ each for the December 21 distribution  Assuming that the shareholders have sufficient basis in their stock, Erin and Frank each receive $ distribution from AAA

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On January 1, 2021, Kinney, Inc., an S corporation, reports $14,400 of accumulated E & P and a balance of $36,000 in AAA. Kinney has

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