A CPA recently completed an earnings and profits (E&P) study for Mylan Corp., a calendar...

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Accounting

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 123
1n
EXHIBITS
T Taxpayer Data
Taxpayer Data
Taxpayer Data
Mylan Corp. distributed $600,000 to its shareholders on December 31, Year 2. Information on Mylan's
shareholders is as follows: 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).
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