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Fiddle Corp, has been an Scorporation since inception. Charlie has a tax basis of $20,500 in his Fiddle stock. In 2019, Charlie was allocated $25,500
Fiddle Corp, has been an Scorporation since inception. Charlie has a tax basis of $20,500 in his Fiddle stock. In 2019, Charlie was allocated $25,500 of ordinary income from Fiddle. What is the amount and character of gain Charlie recognizes from end-of-the-year distributions in each of the following alternative scenarios, and what is his stock basis following each distribution? (Leave no answer blank. Enter zero if applicable. If the answer is "O", select "None".) d. Fiddle distributes $51,000 to Charlie. Amount Character Gain Stock basis
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