Included in each shareholders gross income

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Reference no: EM13911979

Miyasyke, Inc., a calendar year S corporation, has five equal shareholders at the end of the tax year. Miyasyke had $75,000 of taxable income. Miyasyke made distributions to its shareholders of $32,000 each, for a total of $160,000. Each shareholder's basis in the S corporation is $100,000 at the beginning of the tax year. What amount from Miyasyke should be included in each shareholder's gross income?

a. $0

b. $15,000

c. $32,000

d. $47,000

Reference no: EM13911979

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