Beola, the sole shareholder in a corporation, had a basis of $60,000 in the stock of Macedonia Corporation which she sold to Fannie on July 31, 2022 for $160,000. Macedonia Corporation had positive Accumulated Earnings And Profits (E&P) of $80,000 on January 1, 2022 and positive Current Earnings And Profits (E&P) for the year of 2022 of $60,000. During 2022, Macedonia Corporation made the following distributions: $160,000 Cash to Beola on July 1, 2022 and $140,000 Cash to Fannie on December 31, 2022. Beola will have Taxable Dividend Income for 2022 of: 

$ 32,000. 

$ 80,000. 

$112,000. 

$160,000.

Answer rating: 100% (QA)

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