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Discussing the tax treatment of Spence activities

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Problem - Spence, Inc., a calendar year S corporation, generates an ordinary loss of $110,000 and makes a distribution of $140,000 to its sole shareholder, Storm Nelson. Nelson's stock basis and AAA at the beginning of the year are $200,000. Write a memo to your senior manager, Aaron McMullin, discussing the tax treatment of Spence's activities.

Reference no: EM132648561

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