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  3. cr corporation distributes $70,000 to its sole sha

CR Corporation distributes $70,000 to its sole shareholder H. CR's has earnings and profits of...

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Question

Accounting

CR Corporation distributes $70,000 to its sole shareholder H. CR's has earnings and profits of $55,000 and H's basis in her stock is $20,000. After the distribution, H's basis is

$60,000

$15,000

$25,000

None of these

$20,000

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