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On January 1, 2023, an S corp has accumulated E&P of $55,000 from its years...

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Accounting

On January 1, 2023, an S corp has accumulated E&P of $55,000 from its years as a C Corp and has a positive AAA balance of $15,000. The corp's sole shareholder, Emily, has a basis in her S corp stock of $30,000. DUring 2023, the corporation reports ordinary income of $10,000 and a $20,000 long-term capital gain. During 2023, the corporation distributes $65,000 to Emily. How much of the distribution is taxable as a dividend?

What is the total effect on the AAA if an S corporation distributes a piece of property valued at $10,000 with a $5,000 basis to Miranda (a 50% Shareholder) and distributes $10,000 cash to Ed (who owns the other 50%) in a nonliquidating (current) distribution?

During the 2023 tax year, an S corporation experienced an ordinary loss from operating activities of $160,000 and a long-term capital gain from the sale of investment property of $40,000. jason is a 40% shareholder in this S corp. At the beginning of 2023 his basis in the S corp stock was $50,000. on the last day of the 2023 tax year, the S corp also has $80,000 of outstanding loans, 25% of which (20,000) is owed to jason. What is jason's basis in his S corp stock and loan on the first day of the next tax year (1/1/2024?).

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