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Business, 20.03.2020 00:07 larry2929

Larry, the sole shareholder of Brown Corporation, sold his Brown stock to Ed on July 30 for $270,000. Larry's basis in the stock was $200,000 at the beginning of the year. rown had accumulated E & P of $120,000 on January 1 and has current E & P of $240,000. During the year, Brown made the following distributions: $450,000 of cash to Larry on July 1 and $150,000 of cash to Ed on December 30.How much of the current E & P is allocated to Larry's distribution?

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Larry, the sole shareholder of Brown Corporation, sold his Brown stock to Ed on July 30 for $270,000...
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