Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. during 2011, simon kidman, the sole shareholder of

During 2011, Simon Kidman, the sole shareholder of a calendar year S corporation, received a...

90.2K

Verified Solution

Question

Accounting

During 2011, Simon Kidman, the sole shareholder of a calendar year S corporation, received a distribution of $75,000. On December 31, 2010, his stock basis was $24,000. The corporation earned $50,000 ordinary income during the year. It has no accumulated E & P. Which statement is correct?

Kidman's stock basis will be $2,000

Kidman's return of capital is $50,000

Kidman recognizes a $1,000 LTCG

Kidman's ordinary income is $64,000

None of the above

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

1) A. Myosin proteins (which are anions) appear in Jessica's urine. Tell why this is problematic...

Medical Sciences
Q

We classify foods into three groups based on their chemical compositions: Carbohydrates, Proteins, and Fats. The...

Medical Sciences
Q

Discussion 2: How is this tendency to look for mentors and heroes connected to social class...

Psychology
Q

Broussard Skateboard's sales are expected to increase by 20% from $8.4 million in 2016 to $10.08...

Finance
Q

As a fruit changes from immature to overripe, protopectin chemically breaks down tooxalic acid and...

Biology
Q

Use limits to compute f x f x 1 13x

Calculus
Q

The table of values forms a quadratic function f x x f x 1 24...

Algebra
Q

Twice a year Rowdy (40% shareholder) and Q (40% shareholder) travel to various locations across...

Accounting
Q

II) D-2 11) Rylan Industries is expected to pay a dividend...

Accounting
Q

n103,iawsia9,im8109 n103,iawsia9,im8109

Accounting
Q

Exercise 4-5 The adjustments columns of the worksheet for Misra Company are shown below. ...

Accounting
Q

AQ=ActualQuantitySQ=StandardQuantityAP=ActualPriceSP=StandardPrice Compute the direct materials price and quantity variances and identify each as favorable or...

Accounting