Question
Renny Corporation (an S corporation) is owned entirely by Cathy. At the beginning of 2018, Cathys adjusted basis in her Renny Corporation stock was $20,000.
Renny Corporation (an S corporation) is owned entirely by Cathy. At the beginning of 2018, Cathys adjusted basis in her Renny Corporation stock was $20,000. Renny reported ordinary income of $5,000 and a capital loss of $10,000. Cathy received a cash distribution of $35,000 in November 2018. What is Cathys gain from the distribution?
A. $0
B. $10,000
C. $20,000
D. $35,000
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Audit Security How To Plan Implement And Audit Netsuite Security
Authors: Zenobia Plautz
1st Edition
B0B5KQKXSY, 979-8840043851
