(Answered) Question - white corporation is a calendar-year taxpayer

Accounting

Question - White Corporation is a calendar-year taxpayer. Wilhelmina owns all of its stock. Her basis for the stock is $25,000. On March 1 of the current year (not a leap year), White Corporation distributes $60,000 to Wilhelmina. Determine the tax consequences of the cash distribution to Wilhelmina in each of the following independent situations:

a) Current E&P $15,000, accumulated E&P $50,000.

b) Current E&P $25,000, accumulated E&P $(25,000).

c) Current E&P ($36,500), accumulated E&P $65,000.

d) Current E&P ($10,000), accumulated E&P $(25,000).

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