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F Corp. has 100 shares of outstanding stock, all owned by.

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F Corp. has 100 shares...
F Corp. has 100 shares of outstanding stock, all owned by John. John bought the shares 10 years ago for $20,000, or $200 per share. During the year, the corporation redeemed 10 shares of John's stock for $30,000. Assuming that the corporation has substantial E & P, which of the following is true?John must report a capital gain of $10,000.
John must report a capital gain of $28,000.
John must report dividend income of $28,000.
John must report dividend income of $30,000.
Submitted: 3 months ago.Category: Business and Finance Homework
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3/24/2018
Business Tutor: CarterMcBride,
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John must report dividend income of $30,000.

His equity ownership % is the same, so its a dividend, not capital gain.

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