Question
On December 31, 2023 , Valor, a calendar year S corporation since 1982 , made a $100,000 distribution to its sole shareholder, Bryant. Valor's books
On December 31, 2023 , Valor, a calendar year S corporation since 1982 , made a $100,000 distribution to its sole shareholder, Bryant.
Valor's books and records reflect the following for 2023
Accumulated adjustments account (January 1,2023) $5000
Ordinary income for 2023 $50,000
Previously taxed income account at the time of the distribution $10,000
Accumulated earnings and profits at the time of the distribution "$5,000
Bryant's basis in Valor's stock on January 1, 2023 was $40,000. How much income will Bryant report from this S corporation investment in 2023 and what is its character?
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Evaluation Of Maternal Deaths Audit Activities In Mulanje District
Authors: John Nepiyala
1st Edition
3330069562, 978-3330069565
