Solved: Lois ann owns 100 of new inc a s corporation basis of her, Accounting Basics

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Lois ann owns 100 of new inc a s corporation basis of her

Question - Lois Ann owns 100% of new inc, a s corporation. Basis of her stock is 15,000 at January 1, 2011. New Inc reports
Taxable income 10000

Interest income from tax exempt bonds 1000

Nondeductible portion of meals ans entertainment 4000

Charitable contribution 2000

Cash distribution from new Inc. To Lois Ann 3000

What is basis of Lois Ann stock December 31, 2011?

10000

11000

17000

25000

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Accounting Basics: Lois ann owns 100 of new inc a s corporation basis of her

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Accounting Basics: Lois ann owns 100 of new inc a s corporation basis of her

Reference No:- TGS02866809

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