What is the tax result of the items if the sole shareholders

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The New Elect Corporation was a C corporation until it elected S status on January 1, 2023. On January 1, 2023, New Elect had accumulated E&P (AEP) of $20,000, and New Elect's AAA balance was $40,000. In 2023, New Elect had ordinary income of $40,000 and made distributions of $110,000 to its shareholder. Get the instant assignment help. What is the tax result of the 2023 items if the sole shareholder's beginning basis is $40,000?

Reference no: EM133922222

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