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Sam owns all of the stock in a newly formed corporation. During 2019, the first year of operations, the corporation realized current earnings and profits
Sam owns all of the stock in a newly formed corporation. During 2019, the first year of operations, the corporation realized current earnings and profits of $10,000. Sam received a $12,000 distribution from the corporation. How much, if any, of the distribution is taxable to Sam? Why?
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Auditing and Assurance Services
Authors: Timothy Louwers, Allen Blay, David Sinason, Jerry Strawser, Jay Thibodeau
7th edition
978-1259573286, 1259573281, 978-1260152166
