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Suzy has been the sole shareholder of a calendar year

Question - Suzy has been the sole shareholder of a calendar year S-Corporation since 1979. The S-Corporation has the following balances:

AAA $5,000

AE&P $9,000

Suzy received a distribution of $15,000 when her basis was $5,000.

a) How will Suzy's distribution be taxed?

b) What is Suzy's basis after the distribution?

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Accounting Basics: Suzy has been the sole shareholder of a calendar year

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