MARY has bern the sole shareholder of calendar year S corporation since 1995. Early in April when the corporation was highly profitsble, she recieved a distribution of 30000$ and her stock basis was 13000$ .Corporate level accounts at end of year follows
AAA 6000$
OAA 10000
Accumulated E P 600
Prepare schedule showing taxation treatment on distribution
1. Total distribution
Distribution from AAA(.......................)
Balance
Distribution from OAA(......................)
Balance
Distribution from stock basis (............)
Balance
Gain from sale or exchange(.............)
2.Taxable or Not?
Distribution from AAA (...........)
Distribution from AE P (............)
Distribution from OAA (.............)
Distribution from stock basis(...........)
Gain from Sale ir exchange (..........)