Elk company reports negative current e p of 200000 and, Accounting Basics

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Elk company reports negative current e p of 200000 and

Question: a) Elk Company reports negative current E & P of $200,000 and positive accumulated E & P of $300,000. Elk distributed $200,000 to its sole shareholder, Barney Rubble, on December 31, 2016. Barney's tax basis in his Elk stock is $75,000. What is the tax treatment of the distribution to Barney and what is his tax basis in Elk stock after the distribution? PLEASE SHOW CALCULATIONS FOR ALL ANSWERS.

b) What if the distribution was paid on March 31, 2016?

c) What is Beginning balance of E & P on January 1, 2017, based on the March 31, 2016?

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Accounting Basics: Elk company reports negative current e p of 200000 and

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Accounting Basics: Elk company reports negative current e p of 200000 and

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