Burkhalter Corporation has a deficit in Current E & P of $117,000 and a positive balance in Accumulated E & P of $182,000. On December 31 of the current year, the corporation distributed $144,600 to its sole shareholder, Albert:

Albert has a stock basis of $24,200. The amount of the distribution that is a dividend amounts to:

$144,600

$65,000

$182,000

some other amount

Question 2

5 Points

How much of Albert's distribution is a capital gain?

$65,000

$55,400

$24,200

some other amount

Question 3

5 Points

How much of Albert's distribution is a not taxable return of capital?

$65,000

$24,200

$55,400

some other amount