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Hazel is the sole shareholder of Maple Corp. In 2018 Maple openrated as a C corporation and reported $15.000 of tasable income (and earnings and
Hazel is the sole shareholder of Maple Corp. In 2018 Maple openrated as a C corporation and reported $15.000 of tasable income (and earnings and profits). In 2019, Maple elected S corporation status. During 2019 Maple reported $12.000 of ordinary business income and no Separately stated items. It also distributed $25.000 to Hazel. What is the amount and character of income Hazel must recognice on the distrihution2 What is Hazel's stock basis at the end of 2019 (after accounting for the distribution) i her basis at the beginning of the vear was $5,0007 TAXABLE INCOME FROM THE DISTRIBUTION: ORDINARY INCOME DIVIDEND INCOME STOCK BASIS AT THE END OF 2019
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