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Please complete the following question Elk Company reports negative current E&P of $245,000 and positive accumulated E&P of $390,000. Elk distributed $290,000 to its sole

Please complete the following question

Elk Company reports negative current E&P of $245,000 and positive accumulated E&P of $390,000. Elk distributed $290,000 to its sole shareholder, Barney Rubble, on December 31, 20X3. Barney's tax basis in his Elk stock is $108,750. What is the tax treatment of the distribution to Barney and what is his tax basis in Elk stock after the distribution? Essay Toolbar navigation B I US E A A

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