Each of the following shareholders took a $10,000 distribution from their S corporation. Which one may have
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Question:
Each of the following shareholders took a $10,000 distribution from their S corporation. Which one may have taxable income as a result of the following amounts from their Schedule K-1 (Form 1120-S)?
Amir. He had a beginning basis of $14,000, ordinary income of $2,000, and capital loss of $7,000.
Gareth. He had a beginning basis of $11,000, capital gains of $2,000, and ordinary loss of $5,000.
Karesh. He had a beginning basis of $7,000, ordinary income of $5,000, and capital loss of $3,000.
Vince. He had a beginning basis of $8,000, capital gains of $1,000, and ordinary loss of $2,000.
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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