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Compute the ending stock basis for the sole shareholder of an S corporation based on the following data: Increase in AAA: $30,000 Increase in OAA:
Compute the ending stock basis for the sole shareholder of an S corporation based on the following data:
Increase in AAA: | $30,000 |
Increase in OAA: | $7,500 |
Payroll tax penalty: | $2,280 |
Beginning stock basis: | $40,000 |
Stock purchases: | $20,000 |
Tax-exempt interest: | $4,250 |
Insurance premiums paid (nondeductible): | $2,800 |
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