Question: Scroll down to complete all parts of this task. A CPA recently completed an earnings and profits (E&P) study for Mylan Corp., a calendar-year C


Scroll down to complete all parts of this task. A CPA recently completed an earnings and profits (E&P) study for Mylan Corp., a calendar-year C corporation. The results of the study indicated that Mylan had accumulated E&P of $50,000 as of January 1, Year 2, and current E&P of $450,000 for Year 2. Mylan made a cash distribution to its three shareholders on December 31, Year 2, as shown in the exhibit above. No capital contributions were made by the shareholders during Year 2. For each of the items below, enter the requested amount for each shareholder. Enter all amounts as positive, whole values. If a response is zero, enter a zero (0). EXHIBITS Taxpayer Data close all exhibits Berry Cone Drury 123 123 123 1. Dividend income from current E&P 123 125 12 2. Dividend income from accumulated E&P 123 123 ELA 3. Nontaxable return of capital 128 123 123 4. Capital gain income Taxpayer Data Mylan Corp. distributed $600,000 to its shareholders on December 31, Year 2. Information on Mylan's shareholders is as follows: Highlight Shareholder stock basis X Remove High Shareholder Ownership percentage at January 1, Year 2 Berry 20% $15,000 Cone 30% 28,000 Drury 50% 80,000 Scroll down to complete all parts of this task. A CPA recently completed an earnings and profits (E&P) study for Mylan Corp., a calendar-year C corporation. The results of the study indicated that Mylan had accumulated E&P of $50,000 as of January 1, Year 2, and current E&P of $450,000 for Year 2. Mylan made a cash distribution to its three shareholders on December 31, Year 2, as shown in the exhibit above. No capital contributions were made by the shareholders during Year 2. For each of the items below, enter the requested amount for each shareholder. Enter all amounts as positive, whole values. If a response is zero, enter a zero (0). EXHIBITS Taxpayer Data close all exhibits Berry Cone Drury 123 123 123 1. Dividend income from current E&P 123 125 12 2. Dividend income from accumulated E&P 123 123 ELA 3. Nontaxable return of capital 128 123 123 4. Capital gain income Taxpayer Data Mylan Corp. distributed $600,000 to its shareholders on December 31, Year 2. Information on Mylan's shareholders is as follows: Highlight Shareholder stock basis X Remove High Shareholder Ownership percentage at January 1, Year 2 Berry 20% $15,000 Cone 30% 28,000 Drury 50% 80,000
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