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26,000 is wrong. Required information [The following information applies to the questions displayed below.]...

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Accounting

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26,000 is wrong.

Required information [The following information applies to the questions displayed below.] This year, Sooner Company reports a deficit in current E&P of ($460,000). Its accumulated E&P at the beginning of the year was $256,000. Sooner distributed $512,000 to its sole shareholder, Boomer Wells, on June 30 of this year. Boomer's tax basis in his Sooner stock is $93,500. (Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign.) a. How much of the $512,000 distribution is treated as a dividend to Boomer? 26,000 Dividend

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