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Everett forms an s corporation Sam inc on Jan 1 20x1. The taxable income is 25000. Everetts stock basis on Jan 1 20x1 is 1000.

Everett forms an s corporation Sam inc on Jan 1 20x1. The taxable income is 25000. Everetts stock basis on Jan 1 20x1 is 1000. Sam inc distributed 30000 to Everett in 20x1. Everett has which of the following to report in 20x1

4000 capital loss

25000 ordinary income

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