Question
Joey is a sole shareholder in a calendar-year S corporation that was never a C corp. At Jan. 1, Joeys basis in his stock =
Joey is a sole shareholder in a calendar-year S corporation that was never a C corp. At Jan. 1, Joeys basis in his stock = $20,000. Ss ordinary income for the year = $30,000 and it has a long-term capital loss = $7,000. On June 15, S corp. distributes $35,000 to Joey. The portion of the distribution that is taxable to Joey is:
| a. | $0 | c. | $15,000 |
| b. | $35,000 | d. | $7,000 |
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AML Auditing Understanding Clearing Corps And Depositories What Every AML KYC Auditor Should Know
Authors: Bob Walsh
1st Edition
1539593770, 978-1539593775
