________________ refers to a professional’s ability to under…

________________ refers to a professional’s ability to understand, communicate with, and effectively interact with people across human dimensions.  It also encompasses being aware of one’s own worldview, and developing positive attitudes towards varying differences between people.

Longhorn Company reports current E&P of $100,000 in 20X3 and…

Longhorn Company reports current E&P of $100,000 in 20X3 and a deficit of ($200,000) in accumulated E&P at the beginning of the year. Longhorn distributed $300,000 to its sole shareholder on January 1, 20X3. The shareholder’s tax basis in his stock in Longhorn is $100,000. How is the distribution treated by the shareholder in 20X3?