At the beginning of the current year, Maple Corporation (a calendar year taxpayer) has accumulated...
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Accounting
At the beginning of the current year, Maple Corporation (a calendar year taxpayer) has accumulated E & P of $140,000. During the year, Maple incurs a $120,000 loss from operations that accrues ratably. On July 1, Maple distributes $85,000 in cash to Asya, its sole shareholder.
How is Asya taxed on the distribution?
Of the $85,000 distribution, $ _________ is taxed as a dividend and $ _______ represents a return of capital.
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