[The following information applies to the questions displayed below. Maple Corporation, a calendar-year corporation, was formed three years ago by its sole shareholder, Jian, who immediately elected S corporation status. On December 31 of the current year, Maple distributed $40,500 cash to Jian. What are the amount and character of gain Jian must recognize on the distribution in each of the following alternative scenarios? Note: Leave no answer blank. Enter zero if applicable. If the answer is "0", select "None". Problem 22-66 Part a (Algo) a. At the time of the distribution, Jian's basis in his Maple Corporation stock was $47,600. Amount Gain b. At the time of the distribution, Jian's basis in his Maple Corporation stock was $13,250. Character Amount Character

[The following information applies to the questions displayed below. Maple Corporation, a calendar-year corporation, was formed three years ago by its sole shareholder, Jian, who immediately elected S corporation status. On December 31 of the current year, Maple distributed $40,500 cash to Jian. What are the amount and character of gain Jian must recognize on the distribution in each of the following alternative scenarios? Note: Leave no answer blank. Enter zero if applicable. If the answer is "0", select "None". Problem 22-66 Part a (Algo) a. At the time of the distribution, Jian's basis in his Maple Corporation stock was $47,600. Amount Gain b. At the time of the distribution, Jian's basis in his Maple Corporation stock was $13,250. Character Amount Character

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter15: S Corporations

Section: Chapter Questions

Problem 2CE

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