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Jayhawk Company reports current E&P of $452,500 and accumulated E&P of negative $412,500. Jayhawk distributed...

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Accounting

Jayhawk Company reports current E&P of $452,500 and accumulated E&P of negative $412,500. Jayhawk distributed $597,500 to its sole shareholder, Christine Rock, on the last day of the year. Christines tax basis in her Jayhawk stock is $98,500.

How much of the $597,500 distribution is treated as a dividend to Christine?

Do not copy from Chegg, otherwise, I have to report the answer.

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