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Jack Slater is the sole shareholder of an S corporation. During 2018, Jack received a distribution of $20,000. His basis in the stock at December
Jack Slater is the sole shareholder of an S corporation. During 2018, Jack received a distribution of $20,000. His basis in the stock at December 31, 2017 was $3,000. The S corporation earned ordinary income of $12,000 in 2018. The corporation had no accumulated E & P. What should be the amount of return of capital for Jack?
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Financial Accounting And Reporting
Authors: Barry Elliott, Jamie Elliott
3rd Edition
0139488944, 978-0139488948
