Question: Exercise 12-16 (Algorithmic) (LO. 6) Holbrook, a calendar year s corporation, distributes $137,800 cash to its only shareholder, Cody, on December 31. Cody's basis in

 Exercise 12-16 (Algorithmic) (LO. 6) Holbrook, a calendar year s corporation,

Exercise 12-16 (Algorithmic) (LO. 6) Holbrook, a calendar year s corporation, distributes $137,800 cash to its only shareholder, Cody, on December 31. Cody's basis in his stock is $165,360, Holbrook's AAA balance is $62,010, and Holbrook has $20,670 AEP before the distribution. According to the distribution ordering rules, complete the chart below to indicate how much of the $137,800 is from AAA and AEP as well as how Cody's stock basis is affected. If an amount is zero, enter "0". Distribution from Effect on Basis in Stock Account Stock Basis Beginning stock basis $165,360 From AAA account From AEP account IIII mi III From Cody's stock basis Ending stock basis

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