Champ received a $13,200 distribution from NeatCo, a U.S. C corporation. NeatCo's earnings and profits for the year totaled $7,920. How much dividend income does Champ recognize?

CONCEPTS IN FED.TAX.,2020-W/ACCESS
20th Edition
ISBN:9780357110362
Author:Murphy
Publisher:Murphy
Chapter14: Choice Of Business Entity—operations And Distributions
Section: Chapter Questions
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Champ received a $13,200 distribution from NeatCo, a U.S. C corporation. NeatCo's earnings and profits for the year totaled $7,920.
How much dividend income does Champ recognize?
Transcribed Image Text:Champ received a $13,200 distribution from NeatCo, a U.S. C corporation. NeatCo's earnings and profits for the year totaled $7,920. How much dividend income does Champ recognize?
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