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Mandarini Mandarini
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7 years ago
Caravan Corporation has always been an S corporation. Caravan Corporation is 100%owned by Alan Merten. On January 1, Alan has an adjusted basis of $50,000 in his Caravan stock. During the year, Caravan reports ordinary income of $60,000, a long-term capital gain of $10,000, and a charitable contribution of $5,000. Alan receives a $20,000 cash distribution from Caravan on December 1. What income does Alan recognize from the distribution, and what is his basis in the Caravan stock at year-end?
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Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts

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


Edition: 27th
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RimounRimoun
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7 years ago
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Mandarini Author
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7 years ago
I appreciate what you did here, answered it right Smiling Face with Open Mouth
amandamraz
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Yesterday
Smart ... Thanks!
Kstan109
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2 hours ago
Thanks
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