Evan, an individual, has a 40% interest in EF, an S corporation. At the beginning of the year, Evans basis in EF was $2,000. During the year, EF distributed $100,000 and reported operating income of $200,000. What amount should Evan include in gross income?

2. 
   

Answer rating: 100% (QA)

As an S corporation shareholder Evans share of the inc... View the full answer