Clampett, Incorporated, has been an S corporation since its inception. On July 15, 2021, Clampett, Incorporated, distributed $56,000 to J.D. His basis in his Clampett, Incorporated, stock on January 1, 2021, was $31,200. For 2021, J.D. was allocated $10,600 of ordinary income from Clampett, Incorporated, and no separately stated items. How much capital gain does J.D. recognize related to Clampett, Incorporated, in 2021?
A) $66,600
B) $56,000
C) $20,600
D) $14,200
E) None of the choices are correct.
Correct Answer:
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