The electing corporation distributes 5000 of cash to each, Ask an Expert

Accounting

Savol INC, is an accrual basis S Corporation with three equal shareholders. The three cash basis shareholders have the following stock basis at the beginning of the year : Andre $12000, Crum $22000, Barbara $28000. Savoy reports the following income and expense items:

Operating loss - (30000)
short-term capital gain - 37500
long-term capital loss- (6000)
Nondeductible fess and penalties ( 3000)

The electing corporation distributes $5000 of cash to each of the shareholders during the tax year. find out the shareholders' stock bases at the end of the year.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M958465

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