Question: 6- Lamont is a 20% shareholder in ACE Corporation. He has a basis in his stock of $25,000. During the current year he received

6- Lamont is a 20% shareholder in ACE Corporation. He has a

6- Lamont is a 20% shareholder in ACE Corporation. He has a basis in his stock of $25,000. During the current year he received a distribution from ACE of $90,000. His share of ACE's accumulated earnings and profits is $38,000 and of current earnings and profits is $22,000. Which of the following statements is true?

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