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Payment Corporation Has Accumulated E&P of $19,000 and Current E&P

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Payment Corporation has accumulated E&P of $19,000 and current E&P of $28,000.During the year,the corporation makes the following distributions to its sole shareholder:
Payment Corporation has accumulated E&P of $19,000 and current E&P of $28,000.During the year,the corporation makes the following distributions to its sole shareholder: The sole shareholder's basis in her stock is $45,000.What are the tax consequences of the June 1 distribution?
The sole shareholder's basis in her stock is $45,000.What are the tax consequences of the June 1 distribution?

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The current E&P is allocated ratably to ...

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