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Sco, a calendar year S corporation since its organization, is owned by Tokisho paid $250,000 for her stock when Sco was formed. For the year
Sco, a calendar year S corporation since its organization, is owned by Tokisho paid $250,000 for her stock when Sco was formed. For the year Sco reported the following: Ordinary income $60,000 Tax-exempt bond interest income 17,000 Short-term capital loss (8,000) No distributions were made during the year. What is Tokisho's income from Sco? What is her basis in Sco at year end?
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