Question: Burkhalter Corporation has a positive balance in Current E & P of $124,000 and a positive balance in Accumulated E & P of $159,000. During

Burkhalter Corporation has a positive balance in Current E & P of $124,000 and a positive balance in Accumulated E & P of $159,000. During the year, the corporation made the following cash distributions to its sole shareholder, Albert:

March 31: $128,000

September 30: $164,000

December 31: $108,000

Albert has a stock basis of $64,009

Required:

Calculate the tax effect of the distributions. SHOW ALL CALCULATIONS!!!! When calculating the percentages,

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