- Rose Corp. is a calendar year, cash method C corporation. April, an individual, owns 100% of Rose Corporations stock. Aprils basis in the stock is $7,000. Rose Corporation has a positive current E&P balance of $15,000 and a deficit accumulated E&P balance of $20,000. If, on December 31, Rose Corp. distributes $50,000 in cash to April in a non-liquidating distribution (the only distribution made by Rose Corp. all year), what are the income tax consequences to April?

- S-mart Corp. is owned 49% by B-rilliant Corp. and 51% by Jed, an individual. How are S-mart, B-rilliant, and Jed treated for income tax purposes if S-mart distributes a dividend to them?

- Define in detail "dividends received deduction."