Corny, Inc. has been an S corporation since its inception. On July 15, 2011, Corny,...
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Corny, Inc. has been an S corporation since its inception. On July 15, 2011, Corny, Inc. distributed $50,000 to Jared. His basis in his Corny, Inc. stock on January 1, 2011, was $45,000. For 2011, Jared was allocated $10,000 of ordinary income from Corny, Inc. and no separately stated items. How much capital gain does Jared recognize related to Corny, Inc. in 2011?
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