F&D Incorporated ceased operations and dissolved under state law in 2020. Mrs. Herron, a 20% shareholder, received a $490,300 liquidating distribution from F&D. This year, the IRS determined that F&D underpaid its 2019 and 2020 income tax by $967,100. How much of this deficiency can the IRS assess against Mrs. Herron?

Answer rating: 100% (QA)

Mrs Herrons 20 share of the 967100 tax deficiency wo... View the full answer