On January 1, Eagle Corporation (A Calendar Year Taxpayer) Has

question 162

Multiple Choice

On January 1, Eagle Corporation (a calendar year taxpayer) has accumulated E & P of $300,000. During the year, Eagle incurs a net loss of $420,000 from operations that accrues ratably. On June 30, Eagle distributes $180,000 to Libby, its sole shareholder, who has a basis in her stock of $112,500. How much of the $180,000 is a dividend to Libby?

• A) $0
• B) $90,000
• C) $112,500
• D) $180,000
• E) None of the above

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