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Jean Marc Grahams is a 45% owner of a calendar year S corporation during the tax year. His beginning stock basis is $230,000, and the
Jean Marc Grahams is a 45% owner of a calendar year S corporation during the tax year. His beginning stock basis is $230,000, and the S corporation reports the following items:
Ordinary income | $72,000 |
Short-term capital gain | 16,000 |
1231 loss | 6,000 |
Tax-exempt interest income | 5,000 |
Calculate Grahamss stock basis at year-end. Show your calculations.
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