Question
You are a 60% owner of an S corporation. Calculate your ending stock basis, based upon these facts. Beginning stock basis $52,600 Purchases of additional
You are a 60% owner of an S corporation. Calculate your ending stock basis, based upon these facts.
Beginning stock basis $52,600
Purchases of additional stock 15,000
Insurance premiums paid (nondeductible) 3,600
Tax-exempt interest income 5,230
Payroll tax penalty 3,770
Decrease in AAA 22,400
Decrease in OAA 5,800
Follow-up question: Do tax-exempt income, insurance premiums paid, and tax penalties affect stock basis?
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Traveling Consultants Guide To Auditing UNIX
Authors: Mark Adams
1st Edition
1105616398, 978-1105616396
