What is the amount of Mrs. C's basis in the stock after the distribution?

Anonymous
timer Asked: Jul 2nd, 2013

Question Description

I need help with a question. All explanations and answers will be used to help me learn.


Corporation M, a calendar year
corporation that began doing business on January 1, 20X1,

had accumulated earnings and profits of $30,000 as of January 1, 20X8. On July 2, 20X8, M

distributed $22,000 cash to Mrs.
C, M's sole shareholder. M had a $20,000 deficit in

earnings and profits for 20X8. Mrs. C had an adjusted basis of $14,000 in her stock before

the distribution. What is the amount of Mrs. C's basis in the stock after the distribution?

Student has agreed that all tutoring, explanations, and answers provided by the tutor will be used to help in the learning process and in accordance with Studypool's honor code & terms of service.

This question has not been answered.

Create a free account to get help with this and any other question!

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors