Gene Grams is a 45% owner of a calendar year S corporation during the tax year.His beginning stock basis is $230,000, and the S corporation reports the following items. $$\begin{array} { l r }
\text { Ordinary income } & \$ 72,000 \
\text { Short-term capital gain } & 16,000 \
\S 1231 \text { loss } & 6,000 \
\text { Tax-ex empt interest income } & 5,000
\end{array}$$
Calculate Grams's stock basis at year-end.

Question

Gene Grams is a 45% owner of a calendar year S corporation during the tax year.His beginning stock basis is $230,000, and the S corporation reports the following items. $$\begin{array} { l r } 
\text { Ordinary income } & \$ 72,000 \
\text { Short-term capital gain } & 16,000 \
\S 1231 \text { loss } & 6,000 \
\text { Tax-ex empt interest income } & 5,000
\end{array}$$ ​
Calculate Grams's stock basis at year-end.

Quizplus · Accepted Answer

The Answer of Gene Grams is a 45% owner of a calendar year S corporation during the tax year.His beginning stock basis is $230,000, and the S corporation reports the following items. $$\begin{array} { l r } 
\text { Ordinary income } & \$ 72,000 \
\text { Short-term capital gain } & 16,000 \
\S 1231 \text { loss } & 6,000 \
\text { Tax-ex empt interest income } & 5,000
\end{array}$$ ​
Calculate Grams's stock basis at year-end.

Gene Grams Is a 45% Owner of a Calendar Year