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Bedrock Incorporated is owned equally by Barney and his wife Betty, each of whom holds...

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Accounting

Bedrock Incorporated is owned equally by Barney and his wife Betty, each of whom holds 400 shares in the company. Betty wants to reduce her ownership in the company, and it was decided that the company will redeem 200 of her shares for $33,800 per share on December 31 of this year. Betty's tax basis in each share is $8,300. Bedrock has current E&P of $10,650,000 and accumulated E&P of $50,660,000

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