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Determine Lizzie stock basis at the end of the year

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Problem - At the beginning of the tax year, Lizzie holds a $10,000 stock basis as the sole shareholder of Spike, Inc., an S corporation. During the year, Spike reports the following. Determine Lizzie's stock basis at the end of the year and the treatment of her cash distribution.

Net taxable income from sales $25,000

Net short-term capital loss (18,000)

Cash distribution to Lizzie, 12/31 15,000

Reference no: EM132663535

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