At the Beginning of the Current Year,Dan and Andy Each

question 14

Multiple Choice

At the beginning of the current year,Dan and Andy each own 50% of Swallow Corporation.In July,Dan sold his stock to Kim for $140,000.At the beginning of the year,Swallow Corporation had accumulated E & P of $240,000 and its current E & P is $280,000 (prior to any distributions) .Swallow distributed $300,000 on March 10 ($150,000 to Dan and $150,000 to Andy) and distributed another $300,000 on October 1 ($150,000 to Kim and $150,000 to Andy) .Kim has dividend income of:

• A)$70,000.
• B)$110,000.
• C)$140,000.
• D)$150,000.
• E)None of the above.

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Definitions:

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