Question
Subject: Business Tax 2018 Tamra has been the sole shareholder of a calendar year S corporation since 1979. Early in April when the corporation was
Subject: Business Tax 2018
Tamra has been the sole shareholder of a calendar year S corporation since 1979. Early in April
when the corporation was highly profitable, she received a distribution of $17,000, and her stock
basis was $15,500. Corporate-level accounts at the end of the year were as follows:
AAA $6,000
OAA $9,000
Accumulated E & P $600
How much will Tamra be taxed on the April distribution?
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Financial Accounting An Introduction
Authors: Pauline Weetman
7th Edition
1292086696, 978-1292086699
