Robert Elk paid $100,000 for all of the single class of stock of Elkom Corporation, an electing S corporation, when incorporated in January Year 1. Elkom's operating results and dividend distribution are as follows: What is Elk's basis for his Elkom stock on December 31 of 2019?

Question

Robert Elk paid $100,000 for all of the single class of stock of Elkom Corporation, an electing S corporation, when incorporated in January Year 1. Elkom's operating results and dividend distribution are as follows:  What is Elk's basis for his Elkom stock on December 31 of 2019?

Quizplus · Accepted Answer

The Answer of Robert Elk paid $100,000 for all of the single class of stock of Elkom Corporation, an electing S corporation, when incorporated in January Year 1. Elkom's operating results and dividend distribution are as follows:  What is Elk's basis for his Elkom stock on December 31 of 2019?

Robert Elk Paid $100,000 for All of the Single Class