What total amount of income

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Question - Graphite Corp. has been a calendar-year S corporation since its inception on January 2, 2014. On January 1, 2021, Smith and Tyler each owned 50% of the Graphite stock in which their respective bases were $12,000 and $9,000. For the year ended December 31, 2021, Graphite had $80,000 in ordinary business income and $6,000 in tax-exempt income. Graphite made a $53,000 cash distribution to each shareholder on December 31, 2021. What total amount of income from Graphite is included in Smith's 2021 adjusted gross income?

Reference no: EM133087983

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