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What amount of capital gain does Nadia recognize

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Question - Nadia owns 60% of the shares of Mandarin Corp. (an S corporation with no accumulated E&P). Nadia purchased her shares at the beginning of 2020 for $100,000. Mandarin Corp. reported the following during 2020:

-Ordinary business income: $40,000

-Separately stated income items: $3,000

-Separately stated loss items: $8,000

In addition, Mandarin Corp. paid off corporate debt (nonrecourse) of $10,000 in 2020.

If Mandarin Corp. distributed $130,000 to Nadia on March 1, 2020, what amount of capital gain does Nadia recognize on the distribution?

Reference no: EM133048388

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