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What is Sharp gain from the distribution

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Question - Au Corporation (an S corporation) is owned entirely by Mr. Sharp. On 1/1/x1, Sharp's basis in Tau stock was $20,000. Sharp reported ordinary income of $5,000 and a captial loss of $10,000. Sharp received a cash distribution of $40,000 on 11/1/x1. What is Sharp's gain from the distribution?

Reference no: EM132957844

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