Showing all necessary computations determine the tax


Question - Meister Corpopration has the following results for 2016:

Dividends received from a 30% owned domestic corporation                  $80,000

Gross income from operations                                                             260,000

Operating expenses, including $30,000 straight-line depreciation            140,000

Capital losses                                                                                     90,000

Interest on State of Georgia Bonds                                                       15,000

There was a deficit of $43,000 in accumulated E&P on December 31, 2015. During 2016, Miester Corporation distributed $100,000 to its shareholders. Showing all necessary computations, determine the tax consequences of the distribution. Also, determine accumulated E&P on December 31, 2016.

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Accounting Basics: Showing all necessary computations determine the tax
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