Crossroads Corporation distributes $60,000 to its sole shareholder Harley. Crossroads has earnings...

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Crossroads Corporation distributes $60,000 to its sole shareholder Harley. Crossroads has earnings and profits of $55,000 and Harley's basis in her
    stock is $20,000. After the distribution, Harley's basis is

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Crossroads Corporation distributes $60,000 to its sole shareholder Harley. 
Crossroads has earnings and profits of $55,000 and Harley's basis in her stock is 
$20,000. After the distribution, Harley's basis is
Solution;
Earnings and profits made by the Harley $55,

Crossroads Corporation distributes $60,000 to its sole shareholder Harley. Crossroads has earnings and profits of $55,000 and Harley's basis in her stock is $20,000. After the distribution, Harley's...

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