Lamonte absorbents has two shareholders each of whom owns, Accounting Basics

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Lamonte absorbents has two shareholders each of whom owns

Problem

Lamonte Absorbents has two shareholders, each of whom owns an equal share in the corporation. Lamonte has $50,000 in accumulated and current E&P During the year it distributes $5,000 in cash to one shareholder and property with an adjusted basis of $2,000 and a FMV of $5,000 to its other shareholder What amount of its distribution constitutes a dividend?

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Accounting Basics: Lamonte absorbents has two shareholders each of whom owns

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Accounting Basics: Lamonte absorbents has two shareholders each of whom owns

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