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At the beginning of the year, Purple, Inc., an S corporation, had $1O0,000 in its AAA, corporation years. During the year, Purple earned that White
At the beginning of the year, Purple, Inc., an S corporation, had $1O0,000 in its AAA, corporation years. During the year, Purple earned that White owns 25% of Purple, her basis in Purple at the beginning of the year is $25,000, and her share of the distribution was $50,000. What is White's basis in her Purple stock after these transactions? and $50,000 of earnings and profits from prior C $200,000 in distributions to its shareholders. Assume $60,000 of ordinary income and paid
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