Jayhawk Company reports current E&P of $300,000 and accumulated E&P of negative $200,000. Jayhawk distributed $400,000 to its sole shareholder, Christine Rock, on the last day of the year. Christines tax basis in her Jayhawk stock is $75,000. a) How much of the $400,000 distribution is treated as a dividend to Christine? b) What is Christines tax basis in her Jayhawk stock after the distribution? c) What is Jayhawks balance in accumulated E&P on the first day of next year?
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