Q Corporation, an S corporation, is solely owned by V. V’s stock basis at the beginning of the year is $8,000. Q has the following beginning-of-year account balances:                           Accumulated Adjustments Account (AAA) $10,000                           Accumulated Earnings and Profits (AE&P) 15,000                           Other Adjustments Account (OAA) 6,000   For the year, Q Corporation reported net ordinary income of $12,000 and tax-exempt income of $7,000. It also made a cash distribution to V at year-end of $30,000.   Calculate the corporation's AAA and AE&P at year-end. SHOW WORK FOR PARTIAL CREDIT.

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Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.