Required information

Problem $22-68($LO $22-5)($Algo$)$

$[$The following information applies to the questions displayed below.$]$

On January $1,2023,$ Janna has a tax basis of $$17,750$ in her Mimikaki stock $($Mimikaki has been an S corporation since inception$).$ In $2023,$ Janna was allocated $$22,750$ of ordinary income from Mimikaki.

What are the amount and character of gain she recognizes from end$-$of$-$the$-$year distributions in each of the following olternative scenarios, and what is her stock basis following each distribution?

Note: Leave no answer blank. Enter zero if applicable. If the answer is $"$O$",$ select "None".

Problem $22-68$ Part a $($Algo$)$

Q$.$ Mimikaki distributes $$11,375$ to Janna.

$\backslash$table$[[,$Amount,Character$],[$Gain$,,],[$Stock basis,,$]]$