12. ON december 31 2020 Vinyl made a distribution to its sole shareholder Yankee, the...
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Accounting
12. ON december 31 2020 Vinyl made a distribution to its sole shareholder Yankee, the lands FMV was 300,000 and its tax and EP basis to Vinyl was 250,000
The corporation had positive current E&P of 500,000 at Dec 31 Prior to any distributions and positive accumulated E&Pof 100,000 which of the following statements is true regarding this distribution
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