Lonergan, Inc., a calendar year S corporation in Athens, Georgia, had a balance in AAA of $200,000

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Lonergan, Inc., a calendar year S corporation in Athens, Georgia, had a balance in AAA of $200,000 and AEP of $110,000 on December 31, 2021. During 2022, Lonergan, Inc., distributes $140,000 to its shareholders, while sustaining an ordinary loss of $120,000. Calculate the balance in Lonergan’s AAA and AEP accounts at the end of 2022.

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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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Lonergan, Inc., a calendar year S corporation in Athens, Georgia, had a balance in AAA of $200,000

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AAA is adjusted first for the distributions and then for the loss Ho...View the full answer

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

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