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SEE PART 2: BUSINESSES
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P and P's adult child C each own 50 of the 100 outstanding shares of X Corporation. In 2025, X redeems all of P's shares for $100,000 cash. X's earnings and profits are more than sufficient to cover the distribution. P does not waive family attribution.
Which of the following correctly describes P's treatment of the $100,000 distribution?
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