Question: ANSWER Dashboard X + X - C O B https://jainexams.jgianveshana.com/mcq_exam_new.aspx?Subject=21VMC35404-INTERNATIONAL TAXATION - III e E JGi JAIN 221VMCRO0177 BALWINDER SINGH DANG SEMED TO BE UNIVERSITY

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Dashboard X + X - C O B https://jainexams.jgianveshana.com/mcq_exam_new.aspx?Subject=21VMC35404-INTERNATIONAL TAXATION - III e E JGi JAIN 221VMCRO0177 BALWINDER SINGH DANG SEMED TO BE UNIVERSITY Subject : 21VMC35404-INTERNATIONAL TAXATION - III Exam Start Time : 15/11/2024 10:21 AM Duration : 200 Minutes 30. Connor is the sole shareholder of Cardinal, an S corporation. Connor's adjusted basis in Show Palette Cardinal stock is $90,000 at the beginning of the year. During the year, Cardinal reports the COMPLETE following income items: Ordinary income: $50,000; Tax-exempt income: $10,000; Capital gains: $20,000; In addition, Cardinal makes a nontaxable distribution to Connor of $30,000 during the year. What is Connor's adjusted basis in the Cardinal stock at the end of the year? O A. $140,000 O B. $120000 O C. $130000 O D. $90,000 2024 @ JGIAnveshana. Design & Develop by JGIAnveshana Type here to search Fi 10:50 ^ 9 () ENG 15-11-2024 FA

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