QUESTION 36 Which of the following has no affect on the accumulated Adjustments Account (AAA) of an 5 Corporation O Expenses related to Tax-Exempt Income. Nontaxable Distributions to shareholders of the S Corporation. Charitable Contribution. Section 1231 Gain. QUESTION 37 Blanton Corporation, ans Corporation, distributes a machine to Gates, a majority shareholder in Blanton Corporation. The machine has an adjusted basis of $30,000 and a Fair Market value of $80,000. Blanton Corporation recognizes a gain for the distribution of the machine of $50,000 O $0. $30,000 $80,000 QUESTION 38 Norman Corporation, a calendar years Corporation, has an Operating Loss of $80,000 and a Long Term Capital Loss of $20,000 for the year of 2021. Monica, an individual, owns forty percent (40%) of the stock of Norman Corporation and has a $25,000 basis in her stock at the beginning of the year of 2021. What amount of the Long Term Capital Loss can Monica deduct on her personal Federal Income Tax Return (Form 1040) for the year of 2021 $25,000 $5,000 $40,000 $20,000