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Required information

Problem $22-68($LO $22-5)($Algo$)$

$[$The following information applies to the questions displayed below.$]$

On January $1,2023,$ Janna has a tax basis of $$21,000$ in her Mimikaki stock $($Mimikaki has been an $S$ corporation since

inception$).$ In $2023,$ Janna was allocated $$26,000$ of ordinary income from Mimikaki.

What are the amount and character of gain she recognizes from end$-$of$-$the$-$year distributions in each of the following

alternative scenarios, and what is her stock basis following each distribution?

Note: Leave no answer blank. Enter zero if applicable. If the answer is $"0",$ select "None".

Problem $22-68$ Part c $($Algo$)$

c$.$ Mimikaki distributes $$39,000$ to Janna.