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Mr. Oliver received a distribution from an S corporation that was in excess of the basis of his stock in the corporation. The S corporation
Mr. Oliver received a distribution from an S corporation that was in excess of the basis of his stock in the corporation. The S corporation had no earnings and profits. Mr. Oliver should treat the distribution in excess of his basis as A. Previously taxed income. B. A reduction in the basis of his stock. C. A return of capital. D. A capital gain
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