Charlie contributed a building with a FMV of $100,000 and a basis of $60,000 in...
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Charlie contributed a building with a FMV of $ and a basis of $ in exchange for ownership in JK Corporation, an S Corporation. During its first year, JK Corp. reports an ordinary income of $ and a capital loss of $ JK Corp also makes a $ cash distribution to Charlie at the end of the year. What is Charlie's basis at the end of the year? 
Charlie contributed a building with a FMV of $ and a basis of $ in exchange for ownership in JK Corporation, an S Corporation. During its first year, JK Corp. reports an ordinary income of $ and a capital loss of $ JK Corp also makes a $ cash distribution to Charlie at the end of the year. What is Charlie's basis at the end of the year?
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