Black Corporation and Tom each own 50% of Tan Corporations common stock....
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Accounting
Black Corporation and Tom each own of Tan Corporations common stock. On January Tan has a deficit in accumulated E & P of $ Its current E & P is $ During the year, Tan makes cash distributions of $ each to Black and Tom.
A How are the two shareholders taxed on the distribution?
B What is Tan Corporations accumulated E & P at the end of the year?
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