Elk company reports negative current eampp of 200000 and, Financial Accounting

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Elk company reports negative current eampp of 200000 and

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, 20X3. 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?

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Financial Accounting: Elk company reports negative current eampp of 200000 and

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