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Do both parties have to itemize their deduction when filing Married filing seperatetly?

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JoJo Co., a calendar year C-corp., has a beginning of year accumulated E & P deficit balance of $30,000 and current year E & P of $10,000. On June 30, the corporation makes an $8,000 distribution to its sole shareholder. How much of this distribution is considered a dividend to the shareholder?a)$5,000b)$8,000c)$0d)$10,000

Which of the following statements is true regarding the effect of a redemption on a corporation?a)Qualified stock redemptions do not impact a corporations E & P balance.b)If property other than cash is used for a redemption, the corporation recognizes gain or loss on the distributed property.c)If property is distributed that is subject to a liability in excess of the property's fair market value, then the liability amount is used to calculate the corporation's recognized gain.d)The corporation may deduct the expenditures incurred related to the stock redemption.

Smithville Corp. is a calendar year corporation with zero accumulated E & P on January 1, 2018. During 2018, Smithville has taxable income of $200,000. Based on the additional 2018 information pertaining to Smithville below, calculate the corporation's 2018 ending E & P balance.Tax-exempt income$10,000Current excess capital loss$5,000Current charitable contributions in excess of 10% limitation$8,000Federal income tax expense$61,250Dividends received deduction$3,000MACRS tax depreciation$18,000ADS Depreciation$12,000Deferred gain on a like-kind-exchange$11,000Nondeductible portion of meals expenses$4,000a)$140,750b)$151,750c)$144,750d)$156,750

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