At the end of the year, before distributions, bombay (an s corporation) has an accumulated adjustments account balance of $17,200 and accumulated e& p of $22,750 from a previous year as a c corporation. during the year, nicolette (a 40 percent shareholder) received a $22,750 distribution (the remaining shareholders received $34,125 in distributions). assume her stock basis is $45,500 after considering her share of bombay’s income for the year but before considering the effects of the distribution. required: a. what is the amount and character of gain nicolette must recognize from the distribution? b. what is her basis in her bombay stock at the end of the year?
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