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Pheasant Corporation, a calendar year taxpayer, has 200,000 of current E&P and a deficit in accummulated E&P of 800,000. If Pheasant pays a 400,000 distribution
Pheasant Corporation, a calendar year taxpayer, has 200,000 of current E&P and a deficit in accummulated E&P of 800,000. If Pheasant pays a 400,000 distribution to its shareholder on july 1, how much dividend income do the shareholders report? explain how you got the answer
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