Solution-Find the balance in the corporations accumulated

Find the balance in the corporations accumulated

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Question - On January 1, 20X6, an S corporation has accumulated Earnings & Profits of $55,000 from its years as a C corporation and positive AAA balance of $15,000. The corporation's sole shareholder, BettyLou, has a basis in her S corporation stock of $30,000. During 20X6, an S corporation reports to BettyLou ordinary income of $20,000 and a $20,000 long-term capital gain. During 20X6, the corporation distributes $65,000 to Betty. Find the balance in the corporation's accumulated E&P at the end of 20X6?

Reference no: EM132542731

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Find the balance in the corporations accumulated

Reference no: EM132542731

Reference no: EM132542731

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