21. LO.5 Polly has been the sole shareholder of a calendar year S corporation since its inception....
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21. LO.5 Polly has been the sole shareholder of a calendar year S corporation since its inception. Polly’s stock basis is $15,500, and she receives a distribution of $19,000. Corporate-level accounts indicate a $6,000 balance in AAA and a $500 balance in AEP. How is Polly taxed on the distribution? What is her stock basis after the distribution?
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Related Book For 
Essentials Of Taxation Individuals And Business Entities
ISBN: 233160
1st Edition
Authors: Nellen/Young/Raabe/Maloney
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