$3\mathrm{.}0.$ P has been a $50$ percent shareholder a calendar year S corporation since $1998.$ At the end of $2003,$ P$\text{'}$s stock basis is $$20,000.$ In $2004,$ she receives a cash distribution of $$48,000$ in IBM stock. The appropriate balances are as follows:

$\backslash$table$[[$AAA $(12-31-2003),$$$12,000$ Answer A B and C $1\mathrm{.}0$ Lewis Coporation is owned by a single shareholder. The following information is provided for five independent situations about the shareholder's adjusted basis for his stock and the corporation's accumulated eamings and distributions.

$\backslash$table$[[\backslash$table$[[$Situation$],[$Number$]],\backslash$table$[[$Type of$],[$Distribution$]],\backslash$table$[[$Amount$],[$Distributed$]],\backslash$table$[[$Adjusted$],[$Basis for$],[$Stock$]],\backslash$table$[[$Accumulated$],[$Earnings$],[$AAA$]],\backslash$table$[[$Accumulated$],[$Earnings$],[$Acc$.$ E $3\mathrm{.}0.$ P has been a $50$ percent shareholder a calendar year S corporation since $1998.$ At the end of $2003,$ P$\text{'}$s stock basis is $$20,000.$ In $2004,$ she receives a cash distribution of $$48,000$ in IBM stock. The appropriate balances are as follows:

$\backslash$table$[[$AAA $(12-31-2003),$$$12,000$ Answer A B and C $1\mathrm{.}0$ Lewis Coporation is owned by a single shareholder. The following information is provided for five independent situations about the shareholder's adjusted basis for his stock and the corporation's accumulated eamings and distributions.

$\backslash$table$[[\backslash$table$[[$Situation$],[$Number$]],\backslash$table$[[$Type of$],[$Distribution$]],\backslash$table$[[$Amount$],[$Distributed$]],\backslash$table$[[$Adjusted$],[$Basis for$],[$Stock$]],\backslash$table$[[$Accumulated$],[$Earnings$],[$AAA$]],\backslash$table$[[$Accumulated$],[$Earnings$],[$Acc$.$ E For S Corporation