Solution-What amount is taxable to charles

What amount is taxable to charles

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Reference no: EM132010733

Question - Charles, an individual, owned 100% of the Alpha, an S corporation. At the first of the year, Charles' basis in Alpha was $25,000. In the current year, Alpha realized ordinary income of $1,000; and a long term capital gain of $3,000. Alpha distributed $25,000 to Charles at the end of the year. What amount of the $25,000 is taxable to Charles?

A) $0

B) $7,000

C) $25,000

D) $1,000

Reference no: EM132010733

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What amount is taxable to charles

Reference no: EM132010733

Reference no: EM132010733

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