Business, 07.05.2020 05:10 cody4976

Clampett, Inc., has been an S corporation since its inception. On July 15, 2020, Clampett, Inc., distributed $50,000 to J. D. His basis in his Clampett, Inc., stock on January 1, 2020, was $45,000. For 2020, J. D. was allocated $10,000 of ordinary income from Clampett, Inc., and no separately stated items. What is the amount of income J. D. recognizes related to Clampett, Inc., in 2020

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Clampett, Inc., has been an S corporation since its inception. On July 15, 2020, Clampett, Inc., dis...