TAX HOMEWORK

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  1. How does the Tax Code define a dividend?

 

  1. How does the Tax Code define earnings and profits?

 

  1. Explain how a corporate distribution to a shareholder is impacted in the following cases:

 

  • The distributing corporation has sufficient current and accumulated earnings and profits to cover the distribution amount.
  • The distributing corporation has sufficient current and accumulated earnings and profits to cover one-half of the distribution amount.
  • The distributing corporation has no current and accumulated earnings and profits to cover any of the distribution amount and the distribution amount exceeds the shareholders stock basis.
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    Tom mutunga
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