1. Phillips, Inc., a calendar S corporation is owned 50% by Dana and 50% by Austin....

Transcribed Image Text:

1. Phillips, Inc., a calendar S corporation is owned 50% by Dana and 50% by Austin. During 2020 Phillips had the following items: 42 Long-term capital gain Ordinary loss JA%2 2000 (9000) Distribution to Dana Dana had a stock basis of $10,000 at the beginning of the year. What is Dana's ending stock basis and what is her amount of suspended loss, if a. any? b. 10,000 beg. basis 2000 LTCG $4,000 (18,000) $6,000 2000 (9000) What will Dana report on her 2020 income tax return? 1. Phillips, Inc., a calendar S corporation is owned 50% by Dana and 50% by Austin. During 2020 Phillips had the following items: 42 Long-term capital gain Ordinary loss JA%2 2000 (9000) Distribution to Dana Dana had a stock basis of $10,000 at the beginning of the year. What is Dana's ending stock basis and what is her amount of suspended loss, if a. any? b. 10,000 beg. basis 2000 LTCG $4,000 (18,000) $6,000 2000 (9000) What will Dana report on her 2020 income tax return? 1. Phillips, Inc., a calendar S corporation is owned 50% by Dana and 50% by Austin. During 2020 Phillips had the following items: 42 Long-term capital gain Ordinary loss JA%2 2000 (9000) Distribution to Dana Dana had a stock basis of $10,000 at the beginning of the year. What is Dana's ending stock basis and what is her amount of suspended loss, if a. any? b. 10,000 beg. basis 2000 LTCG $4,000 (18,000) $6,000 2000 (9000) What will Dana report on her 2020 income tax return? 1. Phillips, Inc., a calendar S corporation is owned 50% by Dana and 50% by Austin. During 2020 Phillips had the following items: 42 Long-term capital gain Ordinary loss JA%2 2000 (9000) Distribution to Dana Dana had a stock basis of $10,000 at the beginning of the year. What is Dana's ending stock basis and what is her amount of suspended loss, if a. any? b. 10,000 beg. basis 2000 LTCG $4,000 (18,000) $6,000 2000 (9000) What will Dana report on her 2020 income tax return?

Answer rating: 100% (QA)

a Danas ending stock basis can be calculated by starting with her beginning stock basis and adjustin... View the full answer