Income recognized by nutt-stock basis

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Reference no: EM13777502

During 2004, Houston Nutt, the sole shareholder of a calendar year S corporating, received a distribution of $ 16,000. On December 31, 2003, his stock basis was $ 4,000. the Corporation earned $ 11,000 ordinary income during the year. it has no accumulated E & P.

A) Nutt's stock basis at 12/31/2004 = $ ___________

B) Income recognized by Nutt on his 2004 1040 =$ ___________

Reference no: EM13777502

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