Question: Exercise 22-20 (Algorithmic) (LO. 6) Holbrook, a calendar year S corporation, distributes $144,100 cash to its only shareholder, Cody, on December 31. Cody's basis
Exercise 22-20 (Algorithmic) (LO. 6) Holbrook, a calendar year S corporation, distributes $144,100 cash to its only shareholder, Cody, on December 31. Cody's basis in his stock is $172,920, Holbrook's AAA balance is $64,845, and Holbrook has $21,615 AEP before the distribution. According to the distribution ordering rules, complete the chart below to indicate how much of the $144,100 is from AAA and AEP as well as how Cody's stock basis is affected. If an amount is zero, enter "0". Distribution Charged Effect on Balance of Item Against Each Item Stock Basis After Distribution From AAA account From AEP account From Cody's stock basis
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