schedule K-1 for the same year reporting his share of the ordinary business income $10000. The only other item reported on schedule k-1 was $2000 cash distribution. What is Hernando year-end adbjusted basis
schedule K-1 for the same year reporting his share of the ordinary business income $10000. The only other item reported on schedule k-1 was $2000 cash distribution. What is Hernando year-end adbjusted basis
Chapter22: S Corporations
Section: Chapter Questions
Problem 27P
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Hernando is a shareholder in a S corporation. At the beginning of the year, he purchased 1500 shares of the corporation for $35000. He then received a schedule K-1 for the same year reporting his share of the ordinary business income $10000. The only other item reported on schedule k-1 was $2000 cash distribution. What is Hernando year-end adbjusted basis
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