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Required Information [The following information applies to the questions displayed below.) Tiny and Tim each own half of the 100 outstanding shares of Flower Corporation.
Required Information [The following information applies to the questions displayed below.) Tiny and Tim each own half of the 100 outstanding shares of Flower Corporation. This year, Flower reported taxable Income of $6,000 and was subject to a 21 percent tax rate. In addition, Flower received $20,000 of life Insurance proceeds due to the death of an employee (Flower paid $500 in life Insurance premiums this year). Flower had $5,000 of accumulated E&P at the beginning of the year. (Leave no answer blank. Enter zero if applicable.) a. What is Flower's current E&P? Current E&P Required Information [The following information applies to the questions displayed below.) Tiny and Tim each own half of the 100 outstanding shares of Flower Corporation. This year, Flower reported taxable Income of $6,000 and was subject to a 21 percent tax rate. In addition, Flower received $20,000 of life Insurance proceeds due to the death of an employee (Flower pald $500 in life Insurance premlums this year). Flower had $5,000 of accumulated E&P at the beginning of the year. (Leave no answer blank. Enter zero if applicable.) b. Flower distributed $6,000 on February 15 and $30,000 on August 1. What total amount of dividends will Tiny and Tim report? (DO not round Intermediate calculations.) February 15 August 1 Total dividends
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