Corp has $175,000 of accumulated E&P as of Jan 1 20x1 and a $160,000 deficit E&P for 20x1 before considering any distributions for 20x1. A shareholder owns 100% of the Corp and has a stock basis of $45,000. Corp distributes $85,000 to shareholders on June 30 20x1 and $45,000 to shareholders on July 31, 20x1.

What portion of the June 30 20x1 distribution Is a section 301 dividend, return of basis, and capital gain?

What portion of the July 31 20x1 distribution are a section 301 dividend, return of basis, and capital gain?

Answer rating: 100% (QA)

a June 30 20 x 1 Distribution Section 301 D ... View the full answer