Dahl Corp. was organized and commenced operations in 2003. At December 31, 2014, Dahl had accumulated earnings and profits of $9,000 before dividend declaration and distribution. On December 31, 2014, Dahl distributed cash of $9,000 and a vacant parcel of land to Green, Dahl's only stockholder. At the date of distribution, the land had a basis of $5,000 and a fair market value of $40,000. What was Green's taxable dividend income in 2014 from these distributions?
a. $9,000
b. $14,000
c. $44,000
d. $49,000
Answer: C
Tax
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