Business, 15.07.2020 02:01, krazyapril4601

Iris Corporation owns 30% of Fresia Corporation's stock. On November 15, Fresia Corporation, with current E & P of $320,000, distributes land (fair market value of $100,000; basis of $160,000) to Iris.
The land is subject to a liability of $80,000, which Iris assumes.
Required:
a. Iris Corporation has dividend income of $? and a dividends received deduction of $?.
b. Fresia Corporation's E & P after the distribution is reduced/increased by $?.

Answers: 3

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Iris Corporation owns 30% of Fresia Corporation's stock. On November 15, Fresia Corporation, with c...