This year, jiang, the sole shareholder of a calendar year s corporation, received a distribution of $17,000. on december 31 of the prior year, his stock basis was $3,000. the corporation earned $12,000 ordinary income during the year. it has no accumulated e& p. which statement is correct? ignore the 2090 qb1 deduction.
a. jiang's ordinary income is $15,000.
b. jiang recognizes a $2,000 ltcg.
c. jiang's stock basis will be $2,000.
d. jiang's return of capital is $11,000.
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