X corporation has current E&P of $30,000 and accumulated E&P of $20,000. It make a single distribution of inventory with a FMV of $12,000 and a tax basis of $5,000 to shareholder Jack. The inventory had debt on it of $2,000 and an E&P basis of $7,000. The corporation is subject to a flat 21% rate. After the transaction X corporation's current E&P is $20,000.
a) True
b) False

Question

16-07-2024
Business

Answered

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X corporation has current E&P of $30,000 and accumulated E&P of $20,000. It make a single distribution of inventory with a FMV of $12,000 and a tax basis of $5,000 to shareholder Jack. The inventory had debt on it of $2,000 and an E&P basis of $7,000. The corporation is subject to a flat 21% rate. After the transaction X corporation's current E&P is $20,000.
a) True
b) False

Sagot :

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