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This year, Sooner Company reports a deficit in current E&P of ($424,000). Its accumulated E&P...

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Accounting

This year, Sooner Company reports a deficit in current E&P of ($424,000). Its accumulated E&P at the beginning of the year was $354,000. Sooner distributed $708,000 to its sole shareholder, Boomer, on June 30 of this year. Boomer's tax basis in the Sooner stock before the distribution is $122,500.

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