Question: fast please thank you Arctic Corp., a C corproation and a calendar-year taxpayer, reports a deficit in current E&P of ($135,000) for 2019 and accumulated

fast please thank you fast please thank you Arctic Corp., a C corproation and a

Arctic Corp., a C corproation and a calendar-year taxpayer, reports a deficit in current E&P of ($135,000) for 2019 and accumulated E&P at the beginning of 2019 of $270,000. Arctic Corp. distributed $370,000 to its sole shareholder on January 1, 2019. How much of the distribution is treated as a dividend in 2019? Multiple Choice $270,000. $0. $135,000 $370,000 Yolanda received a one-third capital and profit (loss) interest in XYZ Limited Partnership (LP). In exchange for this interest, Yolanda contributed a building with a fair market value of $30,000. Her adjusted basis in the building was $15,000. Xavier contributed cash of $60,000 for the remaining two-third capital and profit (loss) interest in XYZ LP. What is Yolanda's $704(b) capital account balance? Multiple Choice $0 $30,000 $60,000 $15,000

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