Parrnell Corporation owns 25% of Cross Corporation's stock. On May 1, Cross Corporation, with current E & P of $75,000, distributes land (fair market value
Parrnell Corporation owns 25% of Cross Corporation's stock. On May 1, Cross Corporation, with current E & P of $75,000, distributes land (fair market value of $235,000; basis of $200,000) to Parrnell . The land is subject to a liability of $150,000, which Parrnell assumes.
a. Parrnell Corporation has dividend income of ?
b. dividends received deduction of ?
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Authors: Ravi Jain
1st Edition
0128040408, 978-0128040409
