Solution-What travis has, What Travis has? XLT, an S-corp.,

What travis has

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Question 1: XLT, an S-corp., began operations in 2019. Travis, the only shareholder, invested inventory he bought this year (adjusted basis $14,000, fair market value $19,000) in XLT. XLT earned $39,000 during the fiscal year and gave Travis $57,000 in cash. (The inventory has not been sold.) Travis has:

a. Capital reduction $57,000

b. Short-term capital gain, $5,000

c. Ordinary income, $96,000

d. Ending stock basis, $1,000

e. None of the above

Reference no: EM132604494

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What travis has

Reference no: EM132604494

Reference no: EM132604494

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