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Clampett, Incorporated, has been an S corporation since its inception. On July 15, 2021, Clampett, Incorporated, distributed $42,500 to J. D. His basis in his Clampett, Incorporated, stock on January 1, 2021, was $36,000. For 2021, J. D. was allocated $11,800 of ordinary income from Clampett, Incorporated, and no separately stated items. How much capital gain does J. D. recognize 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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