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ACCT TAX An S corporation has an accumulated adjustments account balance of...

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Accounting

ACCT TAXimage

An S corporation has an accumulated adjustments account balance of $50,000 at the beginning of the year and accumulated earnings and profits of $20,000. The corporation earns $40,000 for the year. The corporation makes a distribution of $120,000. What would the sole shareholder's stock basis have to be at the beginning of the year to avoid any capital gain reporting

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