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S corporation was previously a C corporation with E & P of $10,000. Shareholder basis in corporation is $20,000, AAA account is $10,000. Corporation distributes
S corporation was previously a C corporation with E & P of $10,000. Shareholder basis in corporation is $20,000, AAA account is $10,000. Corporation distributes cash of $35,000 to shareholder. Explain the tax result to the shareholder
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