FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

only need the answer, don't need the step. Please answer ASAP! 102 55 During the year, Scorporation distributes $50,000 to its sole shareholder. S corporation

only need the answer, don't need the step. Please answer ASAP!image text in transcribed

102 55 During the year, Scorporation distributes $50,000 to its sole shareholder. S corporation has AAA of $10,000 and E&P of $20,000. Shareholder's stock basis prior to the distribution is $16,000. How much capital gain income does shareholder recognize on the distribution. $0 None of the other answers are correct. $14,000 $4,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Essentials Of Finance And Accounting For Nonfinancial Managers

The Essentials Of Finance And Accounting For Nonfinancial Managers

Authors: Edward Fields

3rd Edition

0814436943, 9780814436943

More Books

Students also viewed these Accounting questions

Question

★★★★★
A writer has written a script for a new sitcom based upon a colorful and glamorous group of housewives living in a suburb and their marriages, friendships, and relationships. Would such a script...

Answered: 1 week ago

Question

★★★★★
3. An investor has short position valued at $100 in a 1-year, zero coupon T-Bill with a 7% discounting rate. Assume discounting occurs annually. Now consider the case that the discounting rate...

Answered: 1 week ago

Question

★★★★★
Consider a sequential-service system consisting of two servers, A and B. Arriving customers will enter this system only if server A is free. If a customer does enter, then he is immediately served by...

Answered: 1 week ago

Question

★★★★★
Bigelow Corporation has total assets of $850,000, sales of $1,350,000, and one class of common stock with 375 shareholders, and a class of preferred stock with 250 shareholders, both of which are...

Answered: 1 week ago

Question

★★★★★
1. What primary question is addressed by the organizational income statement? 2. What is the difference between gross and net accounts receivables? 3. What is the difference between gross and net...

Answered: 1 week ago

Question

★★★★★
Should single-use plastic (packaging, utensils, grocery bags) be banned from use? What is your main reason for choosing this topic? How will your research expand your personal opinions about this...

Answered: 1 week ago

Question

★★★★★
Excel caculation on cascade mental health clinic

Answered: 1 week ago

Question

★★★★★
Linear Approximation and Differentials: (1 point) Estimate Af using the Linear Approximation and use a calculator to compute both the e f(x) = 3+x. Af a = 1. Ax=1 With these calculations, we have...

Answered: 1 week ago

Question

★★★★★
A business should invest in information security to protect their sensitive data, and maintain customer trust, and also because of information security the business avoids financial losses due to...

Answered: 1 week ago

Question

★★★★★
The system shown in Fig. 2.2 consists of a rope of initial length L under tension T and subjected to a transverse force f(x) (Figure 2.2). T w(x) T L f(x) Figure 2.2 Assuming that the deflection w(x)...

Answered: 1 week ago

Question

★★★★★
Create a process flowchart for any process that you complete either at work or in your personal life explaining your flowchart and your thinking. Any issues you found? Areas for change? Also, include...

Answered: 1 week ago

Question

★★★★★
=+How is CSR different from strategic CSR?

Answered: 1 week ago

Question

★★★★★
=+4. Milton Friedman argued that, Few trends could so thoroughly undermine the very foundations of our free society as the acceptance by corporate officials of a social responsibility other than to...

Answered: 1 week ago

Question

★★★★★
=+7. Of these five factors, is there any one that you feel is more important than the others? Defend your choice with examples from your own experiences and knowledge.

Answered: 1 week ago

Previous Question Next Question