Mallard Corporation is a calendar year taxpayer formed in 2005. Mallard's E & P for each of

Question:

Mallard Corporation is a calendar year taxpayer formed in 2005. Mallard's E & P for each of the past 5 years is listed below.

2009 ........$140,000

2008 ........$200,000

2007 ........$195,000

2006 ........$340,000

2005 ........ $80,000

Mallard Corporation made the following distributions in the previous 5 years.

2008 Land (basis of $350,000, fair market value of $400,000)

2005 $100,000 cash

Mallard's accumulated E & P as of January 1, 2010 is:

a. $455,000

b. $475,000

c. $505,000

d. $525,000

e. None of the above

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...