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Required information (The following information applies to the questions displayed below. Janna has a tax...

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Accounting

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Required information (The following information applies to the questions displayed below. Janna has a tax basis of $20,250 in her Mimikaki stock (Mimikaki has been an S corporation since inception). In 2019, Janna was allocated $25,250 of ordinary income from Mimikaki. What is 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? (Leave no answer blank. Enter zero if applicable. If the answer is O, select "None".) a. Mimikaki distributes $12,625 to Janna. Amount Character Gain None Stock basis b. Mimikaki distributes $25,250 to Janna. Amount Character Gain Stock basis c. Mimikaki distributes $37,875 to Janna. Amount Character Gain Stock basis d. Mimikaki distributes $50,500 to Janna. Amount Character Gain Stock basis

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