Problem 12-49 (LO. 6, 8, 9) Liang, a calendar year S corporation, distributes $13,000 cash...
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Accounting
Problem 12-49 (LO. 6, 8, 9)
Liang, a calendar year S corporation, distributes $13,000 cash to its only shareholder, Aaron, on December 31. Aarons basis in his stock is $15,000. Liangs AAA balance is $5,000; Liang holds a $7,500 AEP before this distribution. There is no OAA balance. Complete the following chart shown below.
If an amount is zero, enter "0".
Distribution from AAA
Distribution from AEP
Aarons Stock Basis
Beginning balance
$5,000
$7,500
$15,000
Distribution ($13,000)
From AAA
$fill in the blank 1
$fill in the blank 2
$fill in the blank 3
From AEP
$fill in the blank 4
$fill in the blank 5
$fill in the blank 6
From stock basis
$fill in the blank 7
$fill in the blank 8
$fill in the blank 9
Ending balance
$fill in the blank 10
$fill in the blank 11
$fill in the blank 12
Answer & Explanation
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