Question
Linda owns 30% of the stock in an S corporation. Linda's basis in the S corporation stock at December 31, 2017 was $14,000. Income
Linda owns 30% of the stock in an S corporation. Linda's basis in the S corporation stock at December 31, 2017 was $14,000. Income reported by the S corporation during 2018 was $80,000. Linda received a distribution of $20,000 during the year. What should be Linda's basis in the S corporation stock at December 31, 2018? $94,000 $18,000 $6,000 $74,000
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Intermediate Accounting
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
9th Edition
125972266X, 9781259722660
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