Prin Corp., the parent corporation, and Strel Corp., both accrual-basis, calendar year C corporations, file...
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Prin Corp., the parent corporation, and Strel Corp., both accrual-basis, calendar year C corporations, file a consolidated return. During the current year, Strel made dividend distributions to Prin as follows: Adjusted tax basis FMV Cash $4,000 $4,000 Land 2,000 9,000 What amount of income should be reported in Prin and Strels consolidated income tax return for the current year?
$13,000
$11,000
$0
$6,000
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