This problem is different from the majority on Chegg. Since it is 2020, the current...
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This problem is different from the majority on Chegg. Since it is 2020, the current tax rate is now 21%, not 25%.
Flower's current E&P from part a) is $24,240.
I have tried both $23,000 and $23,200 and they are not correct.
! Required information [The following information applies to the questions displayed below.] Tiny and Tim each owns half of the 100 outstanding shares of Flower Corporation. This year, Flower reported taxable income of $6,000. In addition, Flower received $20,000 of life insurance proceeds due to the death of an employee (Flower paid $500 in life insurance premiums this year). Flower had $5,000 of accumulated E&P at the beginning of the year. (Leave no answer blank. Enter zero if applicable.) b. Flower distributed $6,000 on February 15 and $30,000 on August 1. What total amount of dividends will Tiny and Tim report? (Do not round intermediate calculations.) Answer is complete but not entirely correct. February 15 August 1 Total dividends $ 6,000 $ 23,000
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This problem is different from the majority on Chegg. Since it is 2020, the current tax rate is now 21%, not 25%. 