! Required information Problem 22-71(LO 22-5)(Static) [The following information applies to the...
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Required information Problem LO Static The following information applies to the questions displayed below. Pine Corporation, a calendaryear corporation, was formed three years ago by its sole shareholder, Alejandro, who has always operated it as a C corporation. However, at the beginning of this year, Alejandro made a qualifying election for Pine Corporation, effective January Pine Corporation reported $ of C corporation earnings and profits on the effective date of the election. This year its first corporation year Pine Corporation reported business income of $ Alejandro's basis in his Pine Corporation stock at the beginning of the year was $ What are the amount and character of income or gain Alejandro must recognize on the following alternative distributions, and what is his basis in his Pine Corporation stock at the end of the year? Note: Leave no answer blank. Enter zero if applicable. Enter NA if not applicable. Problem Part a Static a Alejandro received a $ distribution from Pine Corporation at the end of the year. 
Required information
Problem LO Static
The following information applies to the questions displayed below.
Pine Corporation, a calendaryear corporation, was formed three years ago by its sole shareholder, Alejandro, who has
always operated it as a C corporation. However, at the beginning of this year, Alejandro made a qualifying election for
Pine Corporation, effective January Pine Corporation reported $ of C corporation earnings and profits on the
effective date of the election. This year its first corporation year Pine Corporation reported business income of
$ Alejandro's basis in his Pine Corporation stock at the beginning of the year was $
What are the amount and character of income or gain Alejandro must recognize on the following alternative distributions,
and what is his basis in his Pine Corporation stock at the end of the year?
Note: Leave no answer blank. Enter zero if applicable. Enter NA if not applicable.
Problem Part a Static
a Alejandro received a $ distribution from Pine Corporation at the end of the year.
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