Lucy has been the sole shareholder of a calendar year S corporation since 1980. At...
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Accounting
Lucy has been the sole shareholder of a calendar year S corporation since 1980. At the end of 2011, Lucy's stock basis is $23,500, and she receives a distribution of $25,000. Corporate level accounts are computed as follows.
AAA
7,000
PTI
11,000
Accumulated E&P
600
How much capital gain, if any, will Lucy have?
$600
$7,000
$6,400
$900
None of the above
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