Business, 12.03.2021 15:40 natalie2sheffield

Clampett, Incorporated, has been an S corporation since its inception. On July 15, 2021, Clampett, Incorporated, distributed $50,000 to J. D. His basis in his Clampett, Incorporated, stock on January 1, 2021, was $45,000. For 2021, J. D. was allocated $10,000 of ordinary income from Clampett, Incorporated, and no separately stated items. What is the total amount of income J. D. recognizes related to Clampett, Incorporated, in 2021

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Clampett, Incorporated, has been an S corporation since its inception. On July 15, 2021, Clampett, I...

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