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What amount is taxable to monie

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Reference no: EM131601284

Question - Monie, an individual taxpayer, owns 50% of Monie & Co, an S corporation. At the beginning of the tax year, Monie's basis in Monie & Co stock was $55,000. During the year, Monie & Co realized ordinary loss in the amount of $45,000 and a short-term capital loss of $15,000. Monie & Co made total distributions of $70,000 to its shareholders during this taxable year. What amount of the $70,000 distribution is taxable to Monie?

a. $70,000

b. $35,000

c. $25,000

d. $10,000

Reference no: EM131601284

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