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On the last day of the year, Smith Corp made a nonliquidating distribution to Fred, its sole shareholder, of $110,000 in cash. The corporation's earnings and profits were $100,000 on the last day of the year. How much was the total dividend income received by the shareholder as a result of the distribution made by Smith Corpo?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M946990

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