Compute the tax bases in shares at the end of year, Accounting Basics

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Compute the tax bases in shares at the end of year

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Q: Assume Jack and Jill, 25 and 75 percent shareholders in UpAHill corporation, have tax bases in their shares at the beginning of year 1 of $24,000 and $56,000, respectively. Also assume no distributions were made. Given the income statement above, what are their tax bases in their shares at the end of year 1?

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Accounting Basics: Compute the tax bases in shares at the end of year

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