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Problem 5 - 2 4 ( Algorithmic ) ( LO . 1 , 4 ) At the start of the current year, Blue Corporation (

Problem 5-24(Algorithmic)(LO.1,4)
At the start of the current year, Blue Corporation (a calendar year taxpayer) has accumulated E & P of $180,000. Blue's current E & P is
$108,000, and at the end of the year, it distributes $360,000( $180,000 each) to its equal shareholders, Pooja and Jon
is $25,200; Jon's stock basis is $100,800.
How is the distribution treated for tax purposes?
If an amount is zero, enter "0".
Pooja has the following:
Dividend income:
Capital gain: $
Stock basis after distribution: $
Jon has the following:
Dividend income:
Capital gain: $
Stock basis after distribution: $
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