TB MC Qu. 22-83 (Static) Clampett, Incorporated, has been an S corporation since its..... Campett, Incorporated, has been an S corporation since its inception. On July 15, 2023, Ciampett, incorporated, distributed $50,000 to JD. His basis in his Clampett, Incorporated, stock on January 1, 2023, was $45,000 For 2023, JD was allocated $10,000 of ordinary income from Clampett, Incorporated, and no separately stated items. What is JD's basis in his Clampett, incorporated, stock after all transactions in 20237 Multiple Choice O O O $40,000 $30.000 $20.000

TB MC Qu. 22-83 (Static) Clampett, Incorporated, has been an S corporation since its..... Campett, Incorporated, has been an S corporation since its inception. On July 15, 2023, Ciampett, incorporated, distributed $50,000 to JD. His basis in his Clampett, Incorporated, stock on January 1, 2023, was $45,000 For 2023, JD was allocated $10,000 of ordinary income from Clampett, Incorporated, and no separately stated items. What is JD's basis in his Clampett, incorporated, stock after all transactions in 20237 Multiple Choice O O O $40,000 $30.000 $20.000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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ABC corporation, a calendar year S corporation, with two 50% shareholders, provided you with the following information for 2019: Tax-exempt interest income $10,000 Sales $300,000 Depreciation recapture income $12,000 Long-term capital gain $40,000 Section 1231 gain $7,000 Cost of goods sold ($142,000) Administrative expense ($35,000) Depreciation expense ($47,000) Charitable contributions ($7,000) Distributions to shareholders $100,000 1-1-2019 AAA balance $60,000 1-1-2019 shareholder basis in stock $45,000 each ($90,000 total) 1-1-2019 OAA balance $4,000 Calculate ABC corporation’s AAA balance as of 12-31-2019.
subject:accounting
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In 2020, Mr. Dale paid $40,700 for 3,700 shares of GKL Mutual Fund and elected to reinvest his year-end dividends in additional shares. In 2020 and 2021, he received Form 1099s reporting the following: 2020 2021 Dividends Reinvested $5,365 6,140 Shares Purchased Assume the taxable year is 2022. 393 385 Required A Required B Price per Total Shares Share $13.651 15.948 Required: a. If Mr. Dale sells his 4,478 shares for $15 per share, compute his recognized gain. b. If he sells only 1,250 shares for $15 per share and uses the FIFO method to determine basis, compute his recognized gain. c. If he sells only 1,250 shares for $15 per share and uses the average basis method, compute his recognized gain. Required C Owned Complete this question by entering your answers in the tabs below. 4,093 4,478 < Required B If he sells only 1,250 shares for $15 per share and uses the average basis method, compute his recognized gain. Note: Do not round intermediate calculations. Round your final answer to…
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Ee 260.
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