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You are a 60% owner of an S corporation. Calculate your ending stock basis, based upon the following facts: Beginning stock basis $ 42,570 Purchases
You are a 60% owner of an S corporation. Calculate your ending stock basis, based upon the following facts:
Beginning stock basis | $42,570 |
Purchases of additional stock | 15,000 |
Insurance premiums paid (nondeductible) | 3,600 |
Tax-exempt interest income | 5,230 |
Payroll tax penalty | 3,770 |
Increase in AAA | 22,400 |
Increase in OAA | 5,800 |
Do not copy from Chegg and give proper explanation
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