What is franks basis at the end of the tax year

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Reference no: EM13911955

Frank is a 1/3 shareholder in an S corporation. At the beginning of the year, Frank's basis in his S corporation stock was $10,000. Frank's share of the S corporation items of income included $35,000 of income from operations, $1,000 of charitable contributions, and $1,000 of capital gains. During the year, Frank also contributed $15,000 of additional capital and received a $3,000 distribution from the S corporation. What is Frank's basis at the end of the tax year?

a. $46,000

b. $57,000

c. $60,000

d. $65,000

Reference no: EM13911955

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