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On January 1, 2022, Janna has a tax basis of $18,250 in her Mimikaki stock...

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Accounting

On January 1, 2022, Janna has a tax basis of $18,250 in her Mimikaki stock (Mimikaki has been an S corporation since inception). In 2022, Janna was allocated $23,250 of ordinary income from Mimikaki.

What are the amount and character of gain she recognizes from end-of-the-year distributions in each of the following alternative scenarios, and what is her stock basis following each distribution?

Note: Leave no answer blank. Enter zero if applicable. If the answer is "0", select "None".

a. Mimikaki distributes $11,625 to Janna.

Gain _________

Stick basis_____

b. Mimikaki distributes $23,250 to Janna.

Gain _________

Stick basis_____

c. Mimikaki distributes $34,875 to Janna.

Gain _________

Stick basis_____

d. Mimikaki distributes $46,500 to Janna.

Gain _________

Stick basis_____

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