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Determine income, gain and loss

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Question - Garth is a shareholder in a calendar-year S corporation. At the beginning of 2020, his stock basis is $ 20,000, his share of the AAA is $ 4,000, and his share of corporate AEP is $ 12,000. He receives a $17,000 distribution, and his share of S corporation items includes a $ 12,000 long-term capital gain and a $(7,000) operating loss (i.e. a non-separately stated loss). Determine income, gain, and/or loss that Garth will show on his 2020 1040 return?

Reference no: EM132989402

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