Evan, an individual, has a 40% interest in EF, an S corporation. At the beginning of the
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Evan, an individual, has a 40% interest in EF, an S corporation. At the beginning of the year, Evans basis in EF was $2,000. During the year, EF distributed $100,000 and reported operating income of $200,000. What amount should Evan include in gross income?
Related Book For
Financial Reporting and Analysis
ISBN: 978-0078025679
6th edition
Authors: Flawrence Revsine, Daniel Collins, Bruce, Mittelstaedt, Leon
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