Top Posters
Since Sunday
5
o
5
4
m
4
b
4
x
4
a
4
l
4
t
4
S
4
m
3
s
3
New Topic  
Sheena Maskell Sheena Maskell
wrote...
Posts: 1902
7 years ago
Bryan Corporation, an S corporation since its organization, is owned entirely by Mr. Bryan. The corporation uses a calendar year as its taxable year. Mr. Bryan paid $120,000 for his Bryan stock when the corporation was formed on January 1 of this year. For this year, Bryan Corporation reported the following results:

Ordinary Income   $65,000
Dividend Income   20,000
Short-term capital loss   ( 2,000)

Distributions of $40,000 were made during the year. What is the basis of Mr. Bryan's stock on December 31?
A) $163,000
B) $165,000
C) $203,000
D) $205,000
Textbook 
Prentice Hall's Federal Taxation: 2011: Individuals

Prentice Hall's Federal Taxation: 2011: Individuals


Edition: 14th
Authors:
Read 138 times
2 Replies
Replies
Answer verified by a subject expert
Yoko900Yoko900
wrote...
Top Poster
Posts: 1876
7 years ago
Sign in or Sign up in seconds to unlock everything for free
More solutions for this book are available here
1

Related Topics

Sheena M. Author
wrote...
7 years ago
I took a chance with your answer

It was right
New Topic      
Explore
Post your homework questions and get free online help from our incredible volunteers
  868 People Browsing
Related Images
  
 1141
  
 1200
  
 605