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At the beginning of the tax year, Lizzie holds a $10,000 stock basis as the sole shareholder of Spike, Inc., an S corporation. During the
At the beginning of the tax year, Lizzie holds a $10,000 stock basis as the sole shareholder of Spike, Inc., an S corporation. During the year, Spike reports the following:
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If an amount is zero, enter "0".
a. Determine Lizzie's stock basis at the end of the year. $----------------.
b. Of Lizzie's $40,000 cash distribution, $------------- is tax-free and $-------------- is [a capital gain/ordinary incomea dividend]
c. $--------------- of the short-term capital loss is suspended this year.
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