Bernie is a shareholder in TimberLane, a calendar year S corporation. At the beginning of the year, his stock basis is $62,000, his share of the AAA is $13,000, and his share of corporate AEP is $38,000.

At the end of the year, Bernie receives from TimberLane a $31,000 cash distribution. Bernies share of S corporation items includes a $10,000 long-term capital gain and a $68,000 ordinary loss.

Determine the effects of these events on Bernies share of the entitys AAA, his stock basis, and TimberLanes AEP.

If an item has no effect or an amount is zero, enter "0"

AAA	Stock Basis	AEP
Beginning balance	$13,000	$62,000	$38,000
Distribution
Balance	$		$		$
LTCG
Balance	$		$		$
Loss
Ending balance	$		$

18 answers. 6 underAAA, 6 under stock basis, 6 under AEP