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Facts for 11 and 12. calendar year s corporation,...

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Accounting

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Facts for 11 and 12. calendar year s corporation, received a distribution of $16,000. 31, 2003, his stock basis was $4, 000. The corporation earned $11,000 OF income during the year. It has no accumulated E&P During 2004, Houston Nutt, the sole shareholder o f a On December 11. Nutt's stock basis at 12/31/04-$ 12. Income recognized by Nutt on his 2004 1040 = $ Facts for 1315

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