Partridge corporation, a calendar year taxpayer, has $350,000 of current Eamp;P and a deficit in accumulated Eamp;P of $150,000. | Cheap Nursing Papers
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Partridge corporation, a calendar year taxpayer, has $350,000 of current Eamp;P and a deficit in accumulated Eamp;P of $150,000.

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Partridge corporation, a calendar year taxpayer, has $350,000 of current E&P and a deficit in accumulated E&P of $150,000. If Partridge pays $500,000 distribution to its shareholders on July 1, how much dividend income do the shareholders report?

  1. $0
  2. $200,000
  3. $350,000
  4. $500,000

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