Question: please include explanation Question 8 1 pts Dried Fruit Corp, has had a valid 5 Corp election in effect at all times since its incorporation
Question 8 1 pts Dried Fruit Corp, has had a valid 5 Corp election in effect at all times since its incorporation The Dried Fruit Corstock owned one-third by Raisin and two-thirds by Princ. All shareholders are US resident citizen individus At the beginning of the current year, Raisin's basis in his shares was $12.000 and Pune's basis in her shares was $4.000 During the current year, Dried Fruit Corp. canned 572.000 of net income from operation Ralsin's share was $24.000: Prunes sure was $48.000. On July 1st, Dried Fruit Corp, distributed $32,000 to Ratinand 564,000 to Prune. How much anders Prune recognize as a result of this transaction $4.000 $0 $12.000 58.000
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
