XYZ , a calendar - year corporation, had accumulated earnings and profits of $ 5 , 0
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XYZ a calendaryear corporation, had accumulated earnings and profits of $ as of January of the current year. XYZs earnings and profits for the year were $ During the year, XYZ distributed stock rights. The fair market value of each stock right was $ The corporation gave shareholders the option of receiving the stock rights or cash. No other dividends were paid during the year. Ms Y is a shareholder and elects to receive the stock rights.
What is the amount of the distribution that is includible in Ms Ys currentyear gross income?
Related Book For
South Western Federal Taxation 2017 Essentials Of Taxation Individuals And Business Entities
ISBN: 9780357109144
20th Edition
Authors: William A. Raabe, David M. Maloney, James C. Young, Annette Nellen
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