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On January 1, 2023, Providence Corporation had a "Deficit" (negative) in its Accumulated Earnings And...

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Accounting

On January 1, 2023, Providence Corporation had a "Deficit" (negative) in its Accumulated Earnings And Profits (E & P) of ($100,000). For the year of 2023, Providence Corporation had positive Current Earnings And Profits (E & P) of $85,000. On December 31, 2023, Providence Corporation distributed $90,000 to its sole shareholder, Georgia. At the time of the distribution, Georgia had a basis of $20,000 in her stock in ProvidenceCorporation. Georgia's Taxable Dividend Income as a result of this distribution is:

$15,000.$85,000.$90,000.$ -0

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