Required information [The following information applies to the questions displayed below.] This year, Bobcat Company reports a deficit in current E&P of ($300,000) that
Required information [The following information applies to the questions displayed below.] This year, Bobcat Company reports a deficit in current E&P of ($300,000) that accrued evenly throughout the year. At the beginning of the year, Bobcat's accumulated E&P was $200,000. Bobcat distributed $200,000 to its sole shareholder, Melanie, on June 30 of this year. Melanie's tax basis in the Bobcat stock before the distribution was $75,000. Note: Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign. d. Prepare a draft of Bobcat's form 5452 for this year. You may assume that the June 30 distribution was Bobcat's first and only distribution. Note: Visit the IRS website and download Form 5452. Enter the required values in the appropriate fields. Save your completed Tax Form to your computer and then upload it here by clicking "Browse." Next, click "Save."
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