Business, 17.02.2020 18:11 supergirl101911

Thriller Corporation has one class of voting common stock, of which 1,000 shares are issued and outstanding. The shares are owned as follows: Joe Jackson 400 Mike Jackson (Joe’s son) 200 Jane Jackson (Joe’s daughter) 200 Vinnie Price (unrelated) 200 Total shares 1,000 Thriller Corporation has current E&P of $400,000 for this year and accumulated E&P at January 1 of this year of $60,000. During this year, the corporation made the following distributions to its shareholders: 03/31: Distributed $100 per share to each shareholder ($100,000 in total). 06/30: Distributed $100 per share to each shareholder ($100,000 in total). 09/30: Distributed $100 per share to each shareholder ($100,000 in total). 12/31: Redeemed all of Vinnie’s shares for $250,000 in cash. a. Determine the tax status of each distribution made this year. b. Compute the corporation’s accumulated E&P at January 1 of next year. (Do not round intermediate calculations.)

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Thriller Corporation has one class of voting common stock, of which 1,000 shares are issued and outs...

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