Question - Lois Ann owns 100% of new inc, a s corporation. Basis of her stock is 15,000 at January 1, 2011. New Inc reports
Taxable income 10000
Interest income from tax exempt bonds 1000
Nondeductible portion of meals ans entertainment 4000
Charitable contribution 2000
Cash distribution from new Inc. To Lois Ann 3000
What is basis of Lois Ann stock December 31, 2011?
10000
11000
17000
25000