Cordeio, Inc. is a CFC for the

Cordeio, Inc. is a CFC for the entire tax year. Vancy Company, a U.S. corporation, owns 75% of Cordeio’s one class of stock for the entire year. Subpart F income is $450,000, and no distributions have been made during the year. Both entities use the calendar tax year.

a. What amount does Vancy include in gross income as a constructive dividend for the tax year?

b. Assume that Cordeio Inc., is a CFC until March 1 of the calendar tax year. What amount does Vancy include in gross income as a constructive dividend for the tax year?

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