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How is this distribution taxed on Zach federal income tax

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Question - Blunt is a calendar year S-corp with only one shareholder named Zach. Blunt distributes 14,000 in cash to Zach on December 31. As of December 31 Blunt had total AAA of 8,000 and AEP of $2,500. Zach's basis in his Blunt stock is 20,000 prior to the distribution. How is this distribution taxed (character and amount) on Zach's federal income tax return?

Reference no: EM132706118

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