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At the beginning of the year, Robert Corporation has $20,000 of accumulated E&P. Rob's current...

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Accounting

At the beginning of the year, Robert Corporation has $20,000 of accumulated E&P. Rob's current year E&P is $30,000. Rob distributes $20,000 to its sole shareholder, Sam, on April 10. On July 15, Rob distributes an additional $24,000 to Sam. On August 1, Sam sells all his Rob stock to Jill. On September 15, Rob distributes $36,000 to Jill. What are the tax consequences of the distribution? Distribution Current Accumulated Dividend Return of Date Amount E&P E&P Income Capital April 10 $ 20,000 July 15 24,000 September 15 36,000 Total $ 80,000

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