Question: Please provide the answer to this general accounting question using the right approach. Jessica owns 60% of the stock in an S Corporation. Her basis

Please provide the answer to this general accounting question using the right approach.

Jessica owns 60% of the stock in an S Corporation. Her basis in the S Corporation stock on December 31, 2017, was $18,000. The income reported by the S Corporation in 2018 was $120,000. Jessica received a distribution of $30,000 during the year. What should be Jessica's basis in the S Corporation stock on December 31, 2018

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