Problem NO: 12

Illini Corporation reported taxable income of $500,000 from operations for this year. In addition, the company distributed an automobile to its sole s

Illini Corporation reported taxable income of $500,000 from operations for this year. In addition, the company distributed an automobile to its sole shareholder, Yuki. The auto’s fair market value was $30,000 and its tax basis to Illini was $0. The auto’s E&P tax basis was $15,000. Illini had accumulated E&P of $1,500,000 at the beginning of the year. 

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