How is erin taxed on this distribution, Finance Basics

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How is erin taxed on this distribution

9.On January 1, 2010, Kinney, Inc. an electing S corporation, has $4,000 of AEP and a balance of $10,000 in AAA. Kinney has two shareholders, Erin and Maine, each of whom owns 500 shares of Kinney's stock. Kinney's 2010 taxable income is $5,000. Kinney distributes $6,000 to each shareholder on February 1, 2010, and distributes another $3,000 to each shareholder on September 1. How is Erin taxed on this distribution?

$1,000 dividend income

$1,500 dividend income

$3,000 dividend income

None of the abov

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Finance Basics: How is erin taxed on this distribution

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Finance Basics: How is erin taxed on this distribution

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Reference No:- TGS0513954

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