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Business, 15.07.2019 20:30 jlluminate5635

Assume that at the end of 2018, clampett, inc. (an s corporation) distributes long-term capital gain property (fair market value of $40,000, basis of $25,000) to each of its four equal shareholders (aggregate distribution of $160,000). at the time of the distribution, clampett, inc. has no corporate e& p and j. d. has a basis of $15,000 in his clampett, inc. stock. how much income does j. d. recognize as a result of the distribution? '

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Assume that at the end of 2018, clampett, inc. (an s corporation) distributes long-term capital gain...
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