The following facts will remain the same for all problems they are used on. An S- Corporation has beginning balances in AAA of $300,000, E&P of $200,000, and OAA of $100,000. Sally has a beginning balance in her Stock Basis of $400,000. Sally makes $10,000 contribution for additional stock during the current year. Corporation has a $200,000 net loss comprised of the following: Loss of $230,000 is from a Nonseparately Computed Items and Gain of $30,000 is from Seperately Stated Tax - Exempt Income If the corporation distributes $450,000 to its Sole Shareholder during the current year, what is the Sally's ending stock basis? [write losses as a negative number (e.g., -10)]

The following facts will remain the same for all problems they are used on. An S- Corporation has beginning balances in AAA of $300,000, E&P of $200,000, and OAA of $100,000. Sally has a beginning balance in her Stock Basis of $400,000. Sally makes $10,000 contribution for additional stock during the current year. Corporation has a $200,000 net loss comprised of the following: Loss of $230,000 is from a Nonseparately Computed Items and Gain of $30,000 is from Seperately Stated Tax - Exempt Income If the corporation distributes $450,000 to its Sole Shareholder during the current year, what is the Sally's ending stock basis? [write losses as a negative number (e.g., -10)]

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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