Faith and Broderick each own 50% of Mink Corporation, a calendar year taxpayer. Distributions from Mink are: $750,000 to Faith on April 1 and $250,000 to Broderick on May 1. Mink's current E & P is $300,000 and its accumulated E & P is $600,000. How much of the accumulated E & P is allocated to Broderick's distribution?1. $150,0002. $03. $300,0004. $75,000
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Home » Business » Faith and Broderick each own 50% of Mink Corporation, a calendar year taxpayer. Distributions from Mink are: $750,000 to Faith on April 1 and $250,000 to Broderick on May 1. Mink's current E & P is $300,000 and its accumulated E & P is $600,000.