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QUESTION
Suzy has been the sole shareholder of a calendar year S-Corporation since 1979. The S-Corporation has the following balances:
Suzy has been the sole shareholder of a calendar year S-Corporation since 1979. The S-Corporation has the following balances:$5,000$9,000Suzy received a distribution of $15,000 when her basis was $5,000.How will Suzy’s distribution be taxed?What is Suzy’s basis after the distribution?
