Clampett, Incorporated, has been an S corporation since its inception. On July 15, 2024, Clampett,...
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Clampett, Incorporated, has been an S corporation since its inception. On July 15, 2024, Clampett, Incorporated, distributed $50,000 to J.D. His basis in his Clampett, Incorporated, stock on January 1, 2024, was $45,000. For 2024, J.D. was allocated $10,000 of ordinary income from Clampett, Incorporated, and no separately stated items. How much capital gain does J.D. recognize related to Clampett, Incorporated, in 2024?
A. $60,000 B. $50,000 C. $20,000 D. $10,000 E. None
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