Stacey owned all of the sock in small inc., a calendar year taxpayer, until april 30 when she sold it all to Andrew. Small made the following distributions during the year, april 1 $350,000 to stacey and may 1 $150,000 to Andrew. If small has no accumulated E&P but $60,000 of current E&P, how much of the $150,000 distributed to Andrew is a taxable income?

Answer rating: 100% (QA)

Okay lets break this down stepbystep Small Inc has 60000 of current EP for the year On April 1 Small ... View the full answer