PROBLEM 2 (25 POINTS) For the 2018 tax year, Munstermann Corporation had a deficit in Current E & P of $45,057, and a positive balance in Accumulated E & P of $92,461. On December 31, Munstermann made a cash distribution of $124,560 to its sole shareholder, Korinne: Korinne has a basis in her Munstermann Corporation stock of $15,147. Required: a) Calculate the effects of the …
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