Problem 13-14 (LO. 1, 3) Chang Corporation is a calendar year taxpayer. At the beginning...
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Problem 13-14 (LO. 1, 3) Chang Corporation is a calendar year taxpayer. At the beginning of the current year, Chang holds accumulated E & P of $33,000. The corporation incurs a deficit in current E&P of $46,000 that accrues ratably throughout the year. On June 30, Chang distributes $20,000 to its sole shareholder, Libby. If Libby's stock has a basis of $4,000, how is she taxed on the distribution? Taxable dividend income in the amount of $ Return of capital in the amount of $ Capital gains in the amount of $
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