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Business, 08.07.2020 02:01 emilyplays474

Clampett, Inc. has been an S corporation since its inception. On July 15, 2019, Clampett, Inc. distributed $50,000 to J. D. His basis in his Clampett, Inc. stock on January 1, 2019, was $30,000. For 2019, J. D. was allocated $10,000 of ordinary income from Clampett, Inc. and no separately stated items. What is the amount of income J. D. recognizes related to Clampett, Inc. in 2019?

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Clampett, Inc. has been an S corporation since its inception. On July 15, 2019, Clampett, Inc. distr...
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