Graphite Corp. has been a calendar-year S corporation since its inception on January 2, 20X4....
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Graphite Corp. has been a calendar-year S corporation since its inception on January 2, 20X4. On January 1, 20X7, smith owned 15% of the Graphite stock. For the year ended December 31, 20X7. Graphite had $105,000 in ordinary business income and$20,000 in tax-exempt income. Graphite made a $59,000 cash distribution on December 31, 20X7.
What total amount of income from Graphite is includible in smiths 20X7 adjusted gross income?
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