Liang, a calendar year S corporation, distributes $13,000 cash to its only shareholder, Aaron, on December 31.

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Liang, a calendar year S corporation, distributes $13,000 cash to its only shareholder, Aaron, on December 31. Aaron’s basis in his stock is $15,000. Liang’s AAA balance is $5,000; Liang holds $7,500 of AEP before this distribution. There is a zero OAA balance. Complete the following chart using spreadsheet software such as Microsoft Excel.

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South-Western Federal Taxation 2022 Corporations, Partnerships, Estates And Trusts

ISBN: 9780357519240

45th Edition

Authors: William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman

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Question Posted: May 14, 2023 04:39 AM

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Liang, a calendar year S corporation, distributes $13,000 cash to its only shareholder, Aaron, on December 31.

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South-Western Federal Taxation 2022 Corporations, Partnerships, Estates And Trusts

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