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What should be the amount of return of capital for Jack

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Question - Jack Slater is the sole shareholder of an S corporation. During 2018, Jack received a distribution of $20,000. His basis in the stock at December 31, 2017 was $7,000. The S corporation earned ordinary income of $12,000 in 2018. The corporation had no accumulated E & P. What should be the amount of return of capital for Jack?

a. $19,000

b. $7,000

c. $12,000

d. $20,000

Reference no: EM132615890

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