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What is the amount of income j d recognizes

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Reference no: EM133165719

Question - Clampett, Inc. has been an S corporation since its inception. On December 31, 2020, Clampett, Inc. distributed $50,000 to J. D. His basis in his Clampett, Inc. stock on January 1, 2020, was $45,000. For 2020, J. D. was allocated $10,000 of ordinary income from Clampett, Inc. and no separately stated items. What is the amount of income J. D. recognizes related to Clampett, Inc. in 2020?

A. $60,000.

B. $50,000.

C. $20,000.

D. $10,000.

Reference no: EM133165719

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