In each of the situation described in a through e assume that:
X corporation only has one shareholder for A an individual having a $ stock basis.
X Corporation makes a single distribution to A of property on April The market value of the property is $ and its adjusted basis is $
Assume: The corporate tax rate is and there is other taxable income for the year of $
Describe the federal income tax consequence to X Corporation and A under each of the following situation in aka Calculate the tax conseuqences for each scenario listed below:
Accumulated E&P are
Accumulated E&P are negative thousand
Accumulated E&P are
Accumulated E&P are and the property distributed has an adjusted basis of instead of
In general term, explain how your answer would change for sub questions a through d if A were a corporation
