What is the amount of income j.d. recognizes


Clampett, Inc. has been an S corporation since its inception. On July 15, 2011, Clampett, Inc. distributed $50,000 to J.D. His basis in his Clampett, Inc. stock on January 1, 2011, was $45,000. For 2011, J.D. was allocated $10,000 of ordinary income from Clampett, Inc. and no separately stated items. What is the amount of income J.D. recognizes related to Clampett, Inc. in 2011?

Request for Solution File

Ask an Expert for Answer!!
Accounting Basics: What is the amount of income j.d. recognizes
Reference No:- TGS088100

Expected delivery within 24 Hours