Stacey and Eva each own one-half of the stock in Parakeet Corporation, a calendar year taxpayer. Cash distributions from Parakeet are $350,000 to Stacey on April 1 and $150,000 to Eva on May 1. If Parakeet’s current E & P is $60,000, how much is allocated to Eva’s distribution?
A. $5,000
B. $10,000
C. $18,000
D. $30,000
E. None of these.
Answer: C
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What will be an ideal response?
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What will be an ideal response?