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Viking Corporation is owned equally by Sven and his wife, Olga, each of whom holds...

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Accounting

Viking Corporation is owned equally by Sven and his wife, Olga, each of whom holds 100 shares in the company. Viking redeemed 80 shares of Sven's stock for $2,300 per share on December 31,20X3. Viking has total E&P of $530,000. What are the tax consequences to Viking because of the stock redemption?

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