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Exercise 19-21 (Algorithmic) (LO. 1) At the beginning of the year, Myrna Corporation (a calendar...

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Accounting

Exercise 19-21 (Algorithmic) (LO. 1)

At the beginning of the year, Myrna Corporation (a calendar year taxpayer) has E & P of $86,750. The corporation generates no additional E & P during the year. On December 31, the corporation distributes $130,125 to its sole shareholder, Abby, whose stock basis is $26,025.

If an amount is zero, enter "0".

As a result the distribution Abby has dividend income of $__________ and a taxable capital gain of $____________. Abby's stock basis is $____________ after the distribution.

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