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During 2010, Shirley Nutt, the sole shareholder of a calendar year S corporation, received a distribution of $16,000. On December 31, 2009, her stock basis was $4,000. The corporation earned $11,000 ordinary income during the year. It has no accumulated E & P.

A. How much will Shirley report on her 2010 tax return as ordinary income?

B. How much will Shirley report on her 2010 tax return as return of capital?

C. How much will Shirley report on her 2010 tax return as capital gain?

D. What is Shirley's basis in the S Corporation after she receives the distribution?

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