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Mandarini Mandarini
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7 years ago
Identify which of the following statements is false.
A) The AAA balance can be negative, but the shareholder's basis in the S corporation stock cannot be less than zero.
B) The AAA represents the cumulative income/loss recognized in post-1982 S corporation years.
C) Nonmoney property distributions made by an S corporation having accumulated E&P are treated differently when determining the corporate-level gain recognized under Sec. 311 than are property distributions made by an S corporation without accumulated E&P.
D) Tax-exempt income does not increase the AAA but increases the basis of the S corporation stock.
Textbook 
Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts

Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts


Edition: 27th
Authors:
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strwbrrystrwbrry
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7 years ago
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   --Bertrand Russell, 1950

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Mandarini Author
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#2
6 years ago
finished my 2 tests in under 30 min thanks to you
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