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What is the income recognized by nutt

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Reference no: EM131789433

Problem

During 2004, Houston Nutt, the sole shareholder of a calendar year S corporation, received a distribution of $16,000. On December 31, 2003, his stock basis was $4,000. The corporation earned $11,000 ordinary income during the year. The corporation has no accumulated E&P.

What is Nutt's stock basis at 12/31/04?

What is the income recognized by Nutt on his 2004 1040?

Reference no: EM131789433

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