An S-Corporation has beginning balances in AAA of $300,000, E&P of $200,000, and OAA of $100,000. Sally
Fantastic news! We've Found the answer you've been seeking!
Question:
An S-Corporation has beginning balances in AAA of $300,000, E&P of $200,000, and OAA of $100,000. Sally has a beginning balance in her Stock Basis of $400,000. Sally makes $10,000 contribution for additional stock during the current year. Corporation has a $200,000 net loss comprised of the following: - Loss of $230,000 is from a Nonseparately Computed Items and - Gain of $30,000 is from Separately Stated Tax-Exempt Income If the corporation distributes $450,000 to its Sole Shareholder during the current year,how much of the $230,000lossdoes Sally recognize in the current year?
Related Book For
South-Western Federal Taxation 2020 Comprehensive
ISBN: 9780357109144
43rd Edition
Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman
Posted Date: