(Answered) Question - jeff a 52 owner of an s corporation has a stock

Accounting

Question - Jeff, a 52% owner of an S corporation, has a stock basis of zero at the beginning of the year. Jeff's basis in a $10,000 loan made to the corporation and evidenced by a corporate note has been reduced to zero through pass -through losses. During the year, his net share of the corporate taxable income is $11,000. At the end of the year Jeff receives a $15000 distribution. Discuss the tax effects of the distribution.

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