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Please assist! Required information [The following information applies to the questions displayed below.] Tiny and Tim each owns half of the 100 outstanding shares of
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Required information [The following information applies to the questions displayed below.] Tiny and Tim each owns half of the 100 outstanding shares of Flower Corporation. This year, Flower reported taxable income of $10,000. In addition, Flower received $20,000 of life insurance proceeds due to the death of an employee (Flower paid $900 in life insurance premiums this year). Flower had $5,000 of accumulated E\&P at the beginning of the year. Note: Leave no answer blank. Enter zero if applicable. Flower distributed $6,000 on February 14 and $30,000 on August 1. What total amount of dividends will Tiny and Tim report? Jote: Do not round intermediate calculations. Answer is complete but not entirely correctStep by Step Solution
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