Hello, please show step by step calculations for b and c with explanation. All answers...
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Hello, please show step by step calculations for b and c with explanation. All answers I could come up with or find online were wrong. Thank you
Lone Star Company is a calendar-year corporation, and this year Lone Star reported $101,000 in current E\&P that accrued evenly throughout the year. At the beginning of the year, Lone Star's accumulated E\&P was $12,120. At the beginning of the year, Lone Star's sole shareholder was Matt McCon. Lone Star declared $30,300 in cash distributions on each of the following dates: March 31, June 30, September 30, and December 31. (Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign.) Suppose that Matt sold half of his shares to Chris Coop on June 1st for $40,500. How much dividend income will Matt recognize th lear? c. If Matt's basis in his Lone Star shares was $7,050 at the beginning of the year, how much capital gain will he recognize on the sale and distributions from Lone Star
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