If a Corporation Has No E&P,a Distribution Is Ordinary Income

question 27

True/False

If a corporation has no E&P,a distribution is ordinary income to the extent of the shareholder's basis with any excess treated as capital gain.

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Definitions:

West Antarctica

A region of Antarctica that lies west of the Transantarctic Mountains and is largely covered by the West Antarctic Ice Sheet.

Ice Shelves

Large platforms of ice that form where glaciers or ice sheets flow down to a coastline and onto the ocean surface.

Global Sea Level

The average height of the ocean's surface around the globe, which can change due to factors like climate change and tectonic activity.

Ice Sheets

Massive layers of glacial ice and snow that cover large areas of land, such as Antarctica and Greenland.