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Todd forms an S corporation Pam, Inc.-on January 1, 20X1. The 20X1 taxable income is $25,000. Todd's stock basis on January 1, 20xi, is $1,000.
Todd forms an S corporation Pam, Inc.-on January 1, 20X1. The 20X1 taxable income is $25,000. Todd's stock basis on January 1, 20xi, is $1,000. Pam, Inc., distributes $30,000 to Todd in 20X1. What is Todd's stock basis at December 31, 20X1? 0 A, $0 B. $1,000 C. $25,000 D. $30,000
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