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I only need help with number 39. I added 38 to show the facts. 38. Lo.8, 9 At the beginning of the tax year, Lizzie
I only need help with number 39. I added 38 to show the facts. 38. Lo.8, 9 At the beginning of the tax year, Lizzie holds a $10,000 stock basis as the sole shareholder of Spike, Inc., an S corporation. During the year, Spike reports the following. Determine Lizzie's stock basis at the end of the year and the treatment of her cash distribution Net taxable income from sales Net short-term capital loss Cash distribution to Lizzie, 12/31 $25,000 (18,000) 15,000 39. LO.8, 9 Assume the same facts as in Problem 38, except that the cash distribution to Lizzie amounts to $40,000. Determine Lizzie's stock basis at the end of the year and the treatment of her cash distribution
I only need help with number 39. I added 38 to show the facts.
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