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shtirl [24]
4 years ago
12

Viking Corporation is owned equally by Sven and his wife Olga, each of whom hold 160 shares in the company. Viking redeemed 80 s

hares of Sven's stock for $1,900 per share on December 31, 20X3. Viking has total E&P of $580,000. What are the tax consequences to Viking because of the stock redemption?
Business
1 answer:
aev [14]4 years ago
5 0

Answer:

A reduction of $152,000 in E&P because of the exchange

Explanation:

Solution

Recall that:

Sven and Olga hold shares of =160

Viking redeemed  80 shares of Sven's stock for the amount = $1,900

Total E&P = $580,000

Now

The redemption will be treated as a dividend so, because Viking decreases its E&P by the amount issued.

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