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Business, 12.08.2020 07:01 heartnolove7590
At the beginning of the current year, both Doug and Amelia each own 50% of Amaryllis Corporation (a calendar year taxpayer). In July, Doug sold his stock to Kevin for $140,000. At the beginning of the year, Amaryllis Corporation had accumulated E& P of $240,000 and its current E & P is $280,000 (prior to any distributions). Amaryllis distributed $300,000 on February 15 ($150,000 to Doug and $150,000 to Alfred) and distributed another $300,000 on November 1 ($150,000 to Kevin and $150,000 to Alfred). Kevin has dividend income of: a. $150,000.b. $140,000.c. $110,000.d. $70,000.e. None of the above.
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At the beginning of the current year, both Doug and Amelia each own 50% of Amaryllis Corporation (a...
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