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Business, 04.08.2021 01:00 hhernande0140

Paul Pappas owns all of the stock of an S corporation which had previously been a C corporation. The S corporation had the following balances at the beginning of its tax year: Accumulated adjustments account $ 8,000 Accumulated earnings and profits 10,000 Paul's stock basis was $20,000 at the beginning of the tax year. The S corporation made a distribution of $19,000 to Paul during the year. What amount of the distribution is taxable to Paul

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Paul Pappas owns all of the stock of an S corporation which had previously been a C corporation. The...

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