Compute the ending stock basis for the sole shareholder of an S corporation based on...
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Accounting
Compute the ending stock basis for the sole shareholder of an S corporation based on the following data:
| Increase in AAA: | $30,000 |
| Increase in OAA: | $7,500 |
| Payroll tax penalty: | $2,280 |
| Beginning stock basis: | $40,000 |
| Stock purchases: | $20,000 |
| Tax-exempt interest: | $4,250 |
| Insurance premiums paid (nondeductible): | $2,800 |
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