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Lee, Inc., an S corporation, has the following: Accumulated adjustments account $ 20,000 Previously taxed income $ 15,000 Earnings and profits $ 30,000 Tom, who
Lee, Inc., an S corporation, has the following:
| Accumulated adjustments account | $ | 20,000 |
| Previously taxed income | $ | 15,000 |
| Earnings and profits | $ | 30,000 |
Tom, who owns 100% of Lee, Inc., has a stock basis of $38,000. Tom receives a distribution of $70,000. What is Tom's stock basis after the distribution?
| A. | $0 | ||
| B. | $15,000 | ||
| C. | $20,000 | ||
| D. | $38,000 |
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Network Security Auditing The Complete Guide To Auditing Network Security Measuring Risk And Promoting Comliance
Authors: Chris Jackson
1st Edition
1587053527, 978-1587053528
