Business, 28.05.2021 20:10 funnyadriany4

Amit, Inc., an S corporation, holds an AAA balance of $614,000 at the beginning of the tax year. During the year, the following items occur. Operating income $501,000
Interest income 6,500
Dividend income 13,020
Municipal bond interest income 6,000
Long-term capital loss from sale of investment land 7,400
Section 179 depreciation deduction 6,000
Charitable contributions 19,000
Cash distributions 57,000

Amitâs ending AAA balance is:

a. $1,045,120.
b. $1,051,120.
c. $1,191,150.
d. $1,242,150.
e. Some other amount.

Answers: 1

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Amit, Inc., an S corporation, holds an AAA balance of $614,000 at the beginning of the tax year. Dur...