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! Required information Problem 22-68(LO 22-5)(Algo) [The following information applies to the...

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Accounting

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Required information
Problem 22-68(LO 22-5)(Algo)
[The following information applies to the questions displayed below.]
On January 1,2023, Janna has a tax basis of $21,000 in her Mimikaki stock (Mimikaki has been an S corporation since
inception). In 2023, Janna was allocated $26,000 of ordinary income from Mimikaki.
What are the amount and character of gain she recognizes from end-of-the-year distributions in each of the following
alternative scenarios, and what is her stock basis following each distribution?
Note: Leave no answer blank. Enter zero if applicable. If the answer is "0", select "None".
Problem 22-68 Part c (Algo)
c. Mimikaki distributes $39,000 to Janna.
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