Question: Please answer all three parts, thank you. please include the Letter answer 3.33 pts Question 22 At the beginning of the year, CBS Corporation (a

Please answer all three parts, thank you. please include the Letter answer  Please answer all three parts, thank you. please include the Letter
answer 3.33 pts Question 22 At the beginning of the year, CBS
Corporation (a calendar year taxpayer) had accumulated E & Pof negative $16,000

3.33 pts Question 22 At the beginning of the year, CBS Corporation (a calendar year taxpayer) had accumulated E & Pof negative $16,000 The corporation had a current year negative E & Pof $3,000 On December 31, the corporation distributes $50,000 to its sole shareholder, Chrissi, whose stock basis was $10.000 prior to the distribution How much capital gain, if any, does Chrissi have on the distribution? SO / None $3,000 $10,000 $19,000 $50,000 None of the other answer choices are correct 3.33 pts Question 21 At the beginning of the year, Radon Corporation (a calendar year taxpayer) had accumulated E 6 P of nerative $23,000. The corporation had a current year negative E & Pof $4,000. On December 31, the corporation distributes $50,000 to its sole shareholder, Mark, whose stock basis was $10.000 prior to the distribution How much dividend income, if any, does Mark have on the distribution? $0 / None $4,000 $10,000 $19.000 $27,000 $50,000 None of the other answer choices are correct 3.33 pts Question 20 At the beginning of the year. Thor Corporation (a calendar year taxpayer) had accumulated E & P of $32,000 The corporation has a current year negative E & P of $3,000 On December 31, the corporation distributes $50,000 to its sole shareholder, Jianyu, whose stock basis was $10,000 prior to the distribution How much capital gain income, if any, does Jianyu have on the distribution? SO / None $3,000 $10,000 $29.000 $32,000 None of the other answer choices are correct

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!