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Peter i Peter is the sole owner of Peter's Pix, Inc. successful, some not), Peter considers liquidating the business. He decides he is not quite

image text in transcribed Peter i Peter is the sole owner of Peter's Pix, Inc. successful, some not), Peter considers liquidating the business. He decides he is not quite ready but figures it is a good -a guitar pick corporation. After thirty years in the business (some time to take some of the accumulated cash out of the business. His balance sheets reflects that the corporation has accumulated earnings of $13,450.00 and his basis in the stock he holds to be $500.00. He has $60,000 in cash in the company and distributes $39,000.00 to himself. Below indicate the tax amounts (if any) for his dividend income from the corporation, his recovery of basis (if any) and gain/loss (if any)image text in transcribed

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