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Portland LLC was formed in 20x2 and elected to be taxed as a as an S corporation on the first day. Since the entity has
Portland LLC was formed in 20x2 and elected to be taxed as a as an S corporation on the first day. Since the entity has always been taxed as an S corporation, it has no AE&P. Bess, the 100% shareholder, has the following: 20x6 Adjusted Basis in Stock Before Distribution 20,000 20x5 Loan from Bess to Portland LLC 10,000 20x6 Distribution to Bess 26,000 How much, if any, of the $26,000 distribution is taxable to Bess?
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Financial Reporting Financial Statement Analysis And Valuation A Strategic Perspective
Authors: James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
9th Edition
1337614689, 1337614688, 9781337668262, 978-1337614689
