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Required information [ The following information applies to the questions displayed below. ] Miley decided to terminate the S corporation election of her solely owned
Required information The following information applies to the questions displayed below. Miley decided to terminate the S corporation election of her solely owned corporation on October effective immediately in preparation for taking it public. Miley had previously elected S corporation status on January At the time of the election, the corporation had an accumulated adjustments account balance of $ and $ of accumulated Earnings and profit from prior C corporation years, and Miley had a basis in her S corporation stock of $ During Miley's corporation reported $ taxable income or loss. Also, during the corporation made distributions to Miley of $ and $ How are these distributions taxed to Miley assuming the following? Note: Leave no answer blank. Enter zero if applicable. Enter NA if not applicable. BBoth distributions are in cash. The first was paid on June and the tsecond was paid on September C The first distribution was property noncash distribution fair market value of distributed property equal to basis and was paid on June ; the second distribution was a cash distribution, and was paid on September
Required information
The following information applies to the questions displayed below.
Miley decided to terminate the S corporation election of her solely owned corporation on October effective
immediately in preparation for taking it public. Miley had previously elected S corporation status on January At
the time of the election, the corporation had an accumulated adjustments account balance of $ and $ of
accumulated Earnings and profit from prior C corporation years, and Miley had a basis in her S corporation stock of
$ During Miley's corporation reported $ taxable income or loss. Also, during the corporation made
distributions to Miley of $ and $
How are these distributions taxed to Miley assuming the following?
Note: Leave no answer blank. Enter zero if applicable. Enter NA if not applicable.
BBoth distributions are in cash. The first was paid on June and the tsecond was paid on September
C The first distribution was property noncash distribution fair market value of distributed property equal to basis and was paid on June ; the second distribution was a cash distribution, and was paid on September
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