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What is rays tax basis in his hawkeye stock after the

Hawkeye Company reports current E&P of $300,000 this year and accumulated E&P at the beginning of the year of $200,000. Hawkeye distributed $400,000 to its sole shareholder, Ray Kinsella, on December 31 of this year. Ray's tax basis in his Hawkeye stock is $75,000.

a. How much of the $400,000 distribution is treated as a dividend to Ray?

b. What is Ray's tax basis in his Hawkeye stock after the distribution?

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Accounting Basics: What is rays tax basis in his hawkeye stock after the

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