Happy inc. is a calendar year corporation. happy inc. had, Ask an Expert

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Happy Inc. is a calendar year corporation. Happy Inc. had no accumulated earnings and profits, but had $100,000 of current earnings and profits in 2012. On December 31, 2012, Happy Inc. distributed a total of $160,000 to its two equal shareholders, Betty and Bob. On the date of the cash distribution, Betty's basis in her Happy Inc. stock was $10,000 and Bob's basis in his Happy Inc. stock was $30,000.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M938657

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