Tax result

ABC Corp has taxable income of $100,000. It received $15,000 in interest on municipal bonds. It paid income tax of $40,000, paid a dividend of $6,000 and paid salaries to shareholder/employees that is now admitted to be $10,000 in excess of reasonable salaries. What are ABC Corp’s earnings and profits?. Sam is a major investor in Tamco, Inc. Sam invests $100,000 and receives 10,000 shares issued in compliance with Sect 1244 of the Internal Revenue Code; Sam also receives a promise by Tamco to pay Sam $15,000 in five years. Tamco goes bankrupt. What is the tax result to Sam?

D. LittleCorp pays a dividend to its sole shareholder, Jack by distributing to Jack IBM stock having a basis of $10,000 and a value of $16,000. Tax impact on LittleCorp and Jack?

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