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) JH Corporation is an accrual basis, calendar year corporation. JH distributes inventory (basis of...

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Accounting

) JH Corporation is an accrual basis, calendar year corporation. JH distributes inventory (basis of $20,000; fair market value of $40,000) to Joe, its shareholder. Assuming that JH has $500,000 of current E & P, what is the impact of the distribution on JH and on Joe?

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