Bernie is a shareholder in TimberLane, a calendar year S corporation. At the beginning of the year, his stock basis is $62,000, his share of the AAA is $13,000, and his share of corporate AEP is $38,000.
At the end of the year, Bernie receives from TimberLane a $31,000 cash distribution. Bernie's share of S corporation items includes a $10,000 long-term capital gain and a $68,000 ordinary loss.
Determine the effects of these events on Bernie's share of the entity's AAA, his stock basis, and TimberLane's AEP.
If an item has no effect or an amount is zero, enter "0"
| AAA |
Stock Basis |
AEP |
| Beginning balance |
$13,000 |
$62,000 |
$38,000 |
| Distribution |
|
|
|
| Balance |
$ |
|
$ |
|
$ |
|
| LTCG |
|
|
|
| Balance |
$ |
|
$ |
|
$ |
|
| Loss |
|
|
|
| Ending balance |
$ |
|
$ |
|