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QUESTION
John has been the sole shareholder of a calendar year S corporation since 1979. At the end of 2008, John's stock basis is $15,500, and he receives a...
John has been the sole shareholder of a calendar year S corporation since 1979. At the end of 2008, John's stock basis is $15,500, and he receives a distribution of $17,000. Corporate level accounts are computed as follows. AAA is 6,000; PTI is 9000 and Accumulated E&P is 600. Question: calculate John's capital gain, if any.
