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Answered: - During 2015, Miles Nutt, the sole shareholder of a calenda


During 2015, Miles Nutt, the sole shareholder of a calendar year S corporation, received a distribution of $16,000. On December 31, 2014, his stock basis was $4,000. The corporation earned $11,000 ordinary income during the year. It has no accumulated E & P. Which statement is correct?

a. Nutt recognizes a $1,000 LTCG.
b. Nutt?s stock basis will be $2,000.
c. Nutt?s ordinary income is $15,000.
d. Nutt?s tax-free return of capital is $11,000.
e. None of the above.

 


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