Sunapee Corporation Reported Taxable Income of $700,000 from Operations for 20X3.During

question 62

Essay

Sunapee Corporation reported taxable income of $700,000 from operations for 20X3.During the year,the company made a distribution of land to its sole shareholder,Jean McCarthy.The land's fair market value was $125,000 and its tax and E&P basis to Sunapee was $75,000.Jean assumed a mortgage attached to the land of $25,000.Sunapee's tax rate is 34%.Compute Sunapee's total taxable income and federal income tax paid because of the distribution.Using your solution,compute Sunapee's current E&P for 20X3.

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