The sole shareholder of an S corporation owned stock at the beginning of the taxable year which
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Question:
The sole shareholder of an S corporation owned stock at the beginning of the taxable year which had a basis of 10,000. At the end of the year, non-separately stated items yielded net income of $50,000. There were long-term capital gains of $25,000 and a Section 1231 loss of $100,000 as separately stated items.
As of the beginning of the year, the corporation has a AAA account of 60,000 and C corporation E&P of 10,000.
During the year, the corporation distributed $100,000 to its sole shareholder.
WHAT ARE THE TAX CONSEQUENCES OF THE DISTRIBUTION TO THE SOLE SHAREHOLDER?
Related Book For
South Western Federal Taxation 2017 Essentials Of Taxation Individuals And Business Entities
ISBN: 9780357109144
20th Edition
Authors: William A. Raabe, David M. Maloney, James C. Young, Annette Nellen
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