Description of this paper

stock basis is $10,000

Description

solution


Question

Sloane is a shareholder in a calendar year S corporation. At the beginning of the year, her stock basis is $10,000, her share of AAA is $2,000, and her share of corporate AEP is $5,000. She receives a $6,000 distribution, and her share of S corporation items includes a $2,000 long-term capital gain and a $9,000 ordinary loss. Determine the ending balance of AAA, stock basis, and AEP.

 

Paper#26707 | Written in 18-Jul-2015

Price : $27
SiteLock