Solved: Her adjusted basis in her s corporation interest is 150000, Accounting Basics

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Her adjusted basis in her s corporation interest is 150000

Question - Mercury Stage withdraws $20,000 from the S corporation of which she is a 100-percent owner. Her adjusted basis in her S corporation interest is $150,000. What is the tax consequence of this transaction to Mercury Stage?

Mercury has $20,000 of taxable dividend income.

Mercury has no taxable income.

Mercury has $20,000 of compensation income.

None of the above.

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Accounting Basics: Her adjusted basis in her s corporation interest is 150000

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Accounting Basics: Her adjusted basis in her s corporation interest is 150000

Reference No:- TGS02556935

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