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Tesla Inc., has been an S corporation since its inception. On July 15, 2024, Tesla distributed $50,000 to Elon Musk. His basis in Tesla stock
Tesla Inc., has been an S corporation since its inception. On July 15, 2024, Tesla distributed $50,000 to Elon Musk. His basis in Tesla stock on January 1, 2024, was $145,000. For 2024, Elon was allocated $100,000 of ordinary income from Tesla and no separately stated items. What is Elon's basis in his Tesla stock after all transactions in 2024? Tesla Inc., has been an S corporation since its inception. On July 15, 2024, Tesla distributed $50,000 to Elon Musk. His basis in Tesla stock on January 1, 2024, was $145,000. For 2024, Elon was allocated $100,000 of ordinary income from Tesla and no separately stated items. What is Elon's basis in his Tesla stock after all transactions in 2024
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Financial Accounting
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
7th Edition
978-0470477151, 978-0-470-5562, 470556242, 0-470-55624-2, 9780470556245, 978-0470507018
