Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. jack slater is the sole shareholder of an s corpor

Jack Slater is the sole shareholder of an S corporation. During 2018, Jack received a...

70.2K

Verified Solution

Question

Accounting

Jack Slater is the sole shareholder of an S corporation. During 2018, Jack received a distribution of $20,000. His basis in the stock at December 31, 2017 was $3,000. The S corporation earned ordinary income of $12,000 in 2018. The corporation had no accumulated E & P. What should be the amount of return of capital for Jack?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Biology
1.2K views

The anticodon sequence of the tRNA carrying lysine into the ribosome is 3’-UUC-5’. Write down the...

Medical Sciences
1.2K views

1) Select the CORRECT match: A. Peristalsis - increases with sympathetic nervous system stimulation B. Internal anal sphincter - under voluntary...

Economics
1.2K views

Answer All Parts Of The Following Question A. ) Why, in the absence of technological change,...

General Management
1.2K views

1. Machinists pre-emption is a labor law doctrine. This doctrine: A: Permits both the National Labor Relations...

Advance Math
1.2K views

10? + 50? + 20? + 10? = 100 5? + 15? + 75? ? 25?...

Accounting
1.2K views

Product Costs using Activity Rates Hercules Inc. manufactures elliptical exercise machines and treadmills. The products are produced...

Physics
1.2K views

For a cell of emf 2 V a balance point is obtained for 50 cm...

Calculus
1.2K views

dx dy x y dx 5 xyy x 1 3 7 9 11 5x y...

Algebra
1.2K views

Find the least positive value of 0 sec 50 2 1 cos 60 6

Accounting
1.2K views

The beginning balance of Accounts Receivable for a company is $8,000. During...

Accounting
1.2K views

Please give me the tight answer. Decker Company has five products in its...

Accounting
1.2K views

When you begin to understand non-profits, donations are extremely important to enable the nonprofit to...