Required information

Problem $18-53($LO $18-4)($Algo$)$

$[$The following information applies to the questions displayed below.$]$

Flintstone Company is owned equally by Fred and his sister Wilma, each of whom holds $1,500$ shares in the company. Wilma wants to reduce her ownership in the company, and it was decided that the company will redeem $300$ of her shares for $$34,100$ per share on December $31$ of this year. Wilma's tax basis in each share is $$7,550.$ Flintstone has current E&P of $$10,600,000$ and accumulated E&P at the beginning of the year is $$50,550,000.$

Problem $18-53$ Part b $($Algo$)$

b$.$ Given your answer to part $($a$),$ what is the tax basis in the remaining $1,200$ shares Wilma owns in the company?

Income tax basis in remaining shares