How big jim be treated in big jims tax return, Taxation

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How big jim be treated in big jims tax return

Assignment task: GBC was owned 100% by Jim Beeeeezosss (aka Big Jim).

GBC paid a $3 million distribution on 12.31.2020 to Big Jim!

Big Jim's basis in GBC stock was $100,000 (pursuant to sec 351, he transferred assets with a 100,000 basis to GBC in exchange for stock when it was formed).

We learn GBC has shown a loss since inception 3 years ago - so 2020 was a good year!

2019 and 2018 both show no taxable income as the 2017 excess loss was carried forward, just like in 2020.

Q1. How shall this 3 million distribution to Big Jim be treated in Big Jim's tax return?

Q2. Is it a dividend or something else?

Q3. If something else, what is it?

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Taxation: How big jim be treated in big jims tax return

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