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Posted on Jul 30, 2024

Jayhawk Company reports current E&P of $375,000 and accumulated E&P of negative $447,500. Jayhawk distributed $550,000 to its sole shareholder, Christine Rock, on the last

Jayhawk Company reports current E&P of $375,000 and accumulated E&P of negative $447,500. Jayhawk distributed $550,000 to its sole shareholder, Christine Rock, on the last day of the year. Christines tax basis in her Jayhawk stock is $141,750.

What is Christines tax basis in her Jayhawk stock after the distribution?

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