6. Elizabeth has been the sole shareholder of a calendar year S corporation since 1999....
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Accounting
6. Elizabeth has been the sole shareholder of a calendar year S corporation since 1999. At the end of the year, Elizabeth's stock basis is $9,500, and she receives a distribution of $11,000. Corporate level accounts are computed as follows: AAA S 9,000 Accumulated Earnings & Profits 600 How much capital gain, if any, will Elizabeth have? a) $600 6 b) $1,400 c) 8900 d) $500 e) $1.500
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