Answered

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Jill owns 100 shares of X corporation common stock with a total basis of $10,000 or $100 per share. This stock has been held for more than one year. X corporation has 100 shares outstanding of common stock. X corporation has current E&P of $50,000 and accumulated E&P of $25,000. X corporation distributes $20,000 to Jill and cancels 50 of her shares. Jill has $20,000 of dividend income.
a. True
b. False

Sagot :

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