1. LO.3 Champ received a $10,000 distribution from NeatCo, a U.S. C corporation. NeatCos earnings and profits...

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1. LO.3 Champ received a $10,000 distribution from NeatCo, a U.S. C corporation.

NeatCo’s earnings and profits for the year totaled $6,000. How much dividend income does Champ recognize?

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