A calendar year business was operated as a C corporation from 20X0 through 20X4 and...
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Accounting
A calendar year business was operated as a C corporation from 20X0 through 20X4 and as an Scorporation beginning January 1, 20X5. Additional information follows: 20X0-X4 accumulated earnings and profits $2,500 20X5-X6 accumulated adjustment account 1.000 20X7 net ordinary income 2.200 20X7 excludable interest income 800 20X7 cash distributions to M 4.500 M, the sole shareholder, had a basis in his stock of $4,000 at the beginning of 20X7. Mis single and has no other tax information. M's adjusted gross income (AGI) for 20X7 is $3,500 $4,500 $2,600 O $2,200
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