Debbie, the sole shareholder of Ancient Corporations only class of stock, owns 1,000 shares, which...
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Accounting
Debbie, the sole shareholder of Ancient Corporations only class of stock, owns shares, which she purchased years ago. Debbies basis in the stock is $ million. During the current year, Ancient, which had earnings and profits of $ million, redeemed shares for $ What are the amount and the character of Debbies gain?
A
$ dividend.
B
$ capital gain.
C
$ dividend.
D
$ capital gain.
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