Bernie is a shareholder in TimberLane, a calendar year S corporation. At the beginning of the year, his stock basis is $62,000, his share of the AAA is $13,000, and his share of corporate AEP is $38,000. At the end of the year, Bernie receives from TimberLane a $31,000 cash distribution. Bernie's share of S corporation items includes a $10,000 long-term capital gain and a $68,000 ordinary loss. Determine the effects of these events on Bernie's share of the entity's AAA, his stock basis, and TimberLane's AEP. If an item has no effect or an amount is zero, enter "0". Enter amounts as positive numbers. However, use the minus sign to indicate if a " balance" amount is negative.  AAA Stock Basis AEP Beginning balance $13,000 $62,000 $38,000 Distribution fill in the blank 1   fill in the blank 2   fill in the blank 3   Balance $fill in the blank 4   $fill in the blank 5   $fill in the blank 6   LTCG fill in the blank 7   fill in the blank 8   fill in the blank 9   Balance $fill in the blank 10   $fill in the blank 11   $fill in the blank 12   Loss fill in the blank 13   fill in the blank 14   fill in the blank 15   Ending balance $fill in the blank 16   $fill in the blank 17   $fill in the blank 18

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Bernie is a shareholder in TimberLane, a calendar year S corporation. At the beginning of the year, his stock basis is $62,000, his share of the AAA is $13,000, and his share of corporate AEP is $38,000. At the end of the year, Bernie receives from TimberLane a $31,000 cash distribution. Bernie's share of S corporation items includes a $10,000 long-term capital gain and a $68,000 ordinary loss. Determine the effects of these events on Bernie's share of the entity's AAA, his stock basis, and TimberLane's AEP. If an item has no effect or an amount is zero, enter "0". Enter amounts as positive numbers. However, use the minus sign to indicate if a " balance" amount is negative. 

AAA Stock Basis AEP
Beginning balance $13,000 $62,000 $38,000
Distribution fill in the blank 1   fill in the blank 2   fill in the blank 3  
Balance $fill in the blank 4   $fill in the blank 5   $fill in the blank 6  
LTCG fill in the blank 7   fill in the blank 8   fill in the blank 9  
Balance $fill in the blank 10   $fill in the blank 11   $fill in the blank 12  
Loss fill in the blank 13   fill in the blank 14   fill in the blank 15  
Ending balance $fill in the blank 16   $fill in the blank 17   $fill in the blank 18  
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