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Compute conrad basis in his sterling stock on january

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Question - On January 1, 2010, Conrad Nelson contributed $15,000 cash in exchange for 50 shares of stock in Sterling Inc., an S corporation. Sterling employs Conrad as its director of marketing. Conrad's 2010 salary was $70,000 and his pro rata share of Sterling's 2010 ordinary business income was $16,800. During the year, Conrad received a $9,000 cash distribution with respect to his Sterling stock. Compute Conrad's basis in his Sterling stock on January 1?

Reference no: EM132038084

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