Samantha owned all 1,000 shares in Evita, Inc., an S corporation, that uses the calendar year. On October 11, Samantha sells all of her Evita stock. Her stock basis at the beginning of the tax year was $30,000. Evita's ordinary income for the year was $11,000 through the date of sale, and she receives a distribution of $17,500 on May 3rd. What is Her stock basis at the time of the sale?

Answer rating: 100% (QA)

Samanthas stock basis at the beginning of the tax year was 30000 In order to calculate her sto... View the full answer