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Check my w Required information [The following information applies to the questions displayed below.] Part 1 of 4 Janna has a tax basis of $19,750
Check my w Required information [The following information applies to the questions displayed below.] Part 1 of 4 Janna has a tax basis of $19,750 in her Mimikaki stock (Mimikaki has been an S corporation since inception). In 2019, Janna was allocated $24,750 of ordinary income from Mimikaki. 10 points What is the amount and character of gain she recognizes from end-of-the-year distributions in each of the following alternative scenarios, and what is her stock basis following each distribution? (Leave no answer blank. Enter zero if applicable. If the answer is O, select "None".) eBook Print References a. Mimikaki distributes $12,375 to Janna. Amount Character Gain Stock basis b. Mimikaki distributes $24,750 to Janna. Amount Character Character Gain Stock basis c. Mimikaki distributes $37,125 to Janna. Amount Character Gain Stock basis d. Mimikaki distributes $49,500 to Janna. Amount Character Gain Stock basis
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