Rose Corporation is a calendar-year filing corporation that had accumulated earnings and profits of $5,000 at the

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Rose Corporation is a calendar-year filing corporation that had accumulated earnings and profits of $5,000 at the end of Year 1. At the end of Year 2, Rose Corporation had current-year earnings and profits of $1,000. On December 31, Year 2, Rose Corporation distributed to sole shareholder Paul Rose an automobile purchased for $10,000 with a fair market value of $8,000. Paul Rose assumed a liability on the automobile of $1,000. What amount of dividend paid to Paul Rose must Rose Corporation report as an ordinary dividend in Box 1a of Form 1099-DIV? A. $8,000 B. $6,000 C. $7,000 D. $10,000

Posted Date: May 18, 2024 07:14 PM

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Rose Corporation is a calendar-year filing corporation that had accumulated earnings and profits of $5,000 at the

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