Business, 10.08.2021 02:50 applejulianamoreno

Clampett, Inc., has been an S corporation since its inception. On July 15, 2020, Clampett, Inc., distributed $51,000 to J. D. His basis in his Clampett, Inc., stock on January 1, 2020, was $46,500. For 2020, J. D. was allocated $11,500 of ordinary income from Clampett, Inc., and no separately stated items. What is J. D.'s basis in his Clampett, Inc., stock after all transactions in 2020? a. $40,000.
b. $21,000.
c. $2,000.
d. $14,000.
e. None of the choices are correct.

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Clampett, Inc., has been an S corporation since its inception. On July 15, 2020, Clampett, Inc., dis...

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