Business, 17.04.2020 21:16 lhmsokol56
During the year, Miles Nutt, the sole shareholder of a calendar year S corporation, received a distribution of $16,000. Atthe end of last year, his stock basis was $4,000. The corporation earned $11,000 ordinary income during the year. It has noaccumulated E & P. Which statement is correct?
a. Nutt recognizes a $1,000 LTCG.
b. Nutt’s stock basis is $2,000.
c. Nutt’s ordinary income is $15,000.
d. Nutt’s tax-free return of capital is $11,000.
Answers: 2
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During the year, Miles Nutt, the sole shareholder of a calendar year S corporation, received a distr...
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