LO.5 Polly has been the sole shareholder of a calendar year S corporation since its inception. Polly's
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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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Essentials Of Taxation Individuals And Business Entities 2019
ISBN: 9780357233290
1st Edition
Authors: William A Raabe, James C Young
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