What is the shareholders ending stock basis

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Reference no: EM133971179

Question

The following facts relate to Cheese Corp., a one-shareholder S corporation. What is the shareholder's ending stock basis?

Beginning stock basis $60,000 Ordinary income 50,000 Fine for late payment of sales tax 3,000 Stock purchases 10,000 Tax-exempt interest income 8,000 a. $131,000 b. $110,000 c. $125,000

Reference no: EM133971179

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