Question
Mindy, an individual, owns 100% of Markee, an S Corporation and has an initial stock basis of $10,000. 20X4 is the first year of Markee's
Mindy, an individual, owns 100% of Markee, an S Corporation and has an initial stock basis of $10,000. 20X4 is the first year of Markee's operations. Additional items reported by Markee during the current year are:
| Municipal bond interest | $10,000 |
| Ordinary income | 3,400 |
| Shareholder distributions | 5,000 |
What amount of the $5,000 distribution is taxable to Mindy?
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Dcaa Audits Widespread Problems With Audit Quality Require Significant Reform: Gao 09 1009t
Authors: U. S. Government Accountability Office
1st Edition
1287232027, 978-1287232025
