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Cougar, Inc., is a calendar year S corporation. Cougar's Form 1120S shows nonseparately stated ordinary income of $80,000 for the year. Johnny owns 40% of the Cougar stock throughout the year. The following information is obtained from the corporate records.Tax-exempt interest income $ 3,000Salary paid to Johnny (52,000)Charitable contributions (6,000)Dividends received from a foreign corporation 5,000Short-term capital loss (6,000)Depreciation recapture income 11,000Refund of prior state income taxes 5,000Cost of goods sold (72,000)Long-term capital loss (7,000)Administrative expenses (18,000)Long-term capital gain 14,000Selling expenses (11,000)Johnny's beginning stock basis 32,000Johnny's additional stock purchases 9,000Beginning AAA 31,000Johnny's loan to corporation 20,000a. Compute Cougar's book income or loss.b. Compute Johnny's ending stock basis.c. Calculate Cougar's ending AAA balance.
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