Corporation K has $100 of AE&P and $100 of CEP (including the gain on the...
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Corporation K has $100 of AE&P and $100 of CEP (including the gain on the tractor mentioned in the next sentence). On July 1, 2020, it redeems the shares of 10% shareholder, giving the shareholder a tractor ($1 a/b and & $11 FMV) in return for his 10 shares. What effect to Corporation K:
K Corporation: ________________ G/L (if any); ____________________ E&P (if any)
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