Joel is a shareholder in an S corporation. He purchased 200 shares of the corporation at...

 

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Joel is a shareholder in an S corporation. He purchased 200 shares of the corporation at the beginning of the year for $25,000. His Schedule K-1 (Form 1120-S) for the same year reported ordinary business income of $1,300 in Part III, box 1 and $1,500 of net long-term capital gain in Part Ill, box 8a. What is Joel's year-end adjusted basis in the corporation? Joel is a shareholder in an S corporation. He purchased 200 shares of the corporation at the beginning of the year for $25,000. His Schedule K-1 (Form 1120-S) for the same year reported ordinary business income of $1,300 in Part III, box 1 and $1,500 of net long-term capital gain in Part Ill, box 8a. What is Joel's year-end adjusted basis in the corporation?