(Solution) - Champ received a 10 000 distribution from NeatCo a U S C -(2025 Original AI-Free Solution)

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Champ received a $10,000 distribution from NeatCo, a U.S. C corporation. NeatCo's earnings and profits for the year totaled $6,000. How much dividend income does Champ recognize? What Federal income tax rate applies to the dividend if Champ's ordinary income is subject to a 15% tax rate? A 33% rate?