Oscar buys a 10% interest in Britanny Corporation paying $92,000 cash on January 1, 2011. During 2011, Britanny Corporation reports a loss of $30,000 and pays cash dividends to shareholders of $10,000. For 2012, Britanny Corporation has a loss of $60,000 and pays cash dividends of $20,000. If Britanny Company is organized as an S Corporation, Oscar's basis in the Britanny Corporation stock at the end of 2012 is:

$ 80,000

$ 86,000

$ 92,000

$ 98,000

$ 104,000

Answer rating: 100% (QA)

Correct answer is 80000 Ex... View the full answer