Bryce, an individual, owns stock in Phillies Corporation basis of $ as an investment. Phillies distributes property fair market value of $; basis of $ to Bryce on of the current year. Phillies has current E &P of $which INCLUDES the E & P gain resulting from that $ property distribution accumulated E &P of $ and makes no other distributions during the year. What, if any, is Bryces capital gain on the distribution?
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Bryce, an individual, owns stock in Phillies Corporation basis of $ as an investment. Phillies distributes property fair market value of $; basis of $ to Bryce on of the current year. Phillies has current E &P of $which INCLUDES the E & P gain resulting from that $ property distribution accumulated E &P of $ and makes no other distributions during the year. What, if any, is Bryces capital gain on the distribution?
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