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Ann [662]
3 years ago
14

Jonas is a 60% owner of Ard, an S corporation. At the beginning of the year, his stock basis is zero. Jonas's basis in a $33,200

loan made to Ard and evidenced by Ard's note has been reduced to $0 by prior losses. During the year, Jonas's net share of Ard's taxable income is $16,600. At the end of the year, Ard makes a $24,900 cash distribution to Jonas. After these transactions, what is Jonas's basis in his stock, and what is his basis in the debt? What is Jonas's recognized capital gain?
Business
1 answer:
olya-2409 [2.1K]3 years ago
6 0

Answer:

Capital gain $24,900

Explanation:

Jonas's Stock basis $33,200

Less $8,300

Capital gain $24,900

$24,900 cash distribution - Net share of Ard's taxable income $16,600= $8,300

Therefore Jonas's recognized capital gain

of $24,900

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