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If someone could help me with these tax questions, that would be awesome! 4. S Corporation was organized in January of the current year and

image text in transcribedIf someone could help me with these tax questions, that would be awesome!
4. S Corporation was organized in January of the current year and immediately elected to be an S Corporation. All of the stock is owned by T, who contributes $40,000 in cash to start the business. Current year results for the S Corporation show: Ordinary income STCL Charitable contributions (1,000) On July 10, the S Corporation makes a $75,000 cash distribution to T. Determine: S30.000 (4,000) What income is recognized as a result of the distribution? a. b. What is T's stock basis on 12/31? c. How would your answer change if the distribution was $25,000

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