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What was Fulmer basis in Roadhouse at year-end

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Question - Fulmer, an individual, owns 50% of Roadhouse, an S corporation. At the beginning of the year, Fulmer's basis in Roadhouse was $50,000. Roadhouse reported the following items from operations during the current year:

Ordinary loss $20,000

Municipal interest income 4,000

Section 1231 gain 6,000

Dividend income 8,000

Required - What was Fulmer's basis in Roadhouse at year-end?

a. $30,000.

b. $40,000.

c. $48,000.

d. $49,000.

Reference no: EM132549593

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