Gene Grams is a 45% owner of a calendar year S corporation during 2015.His beginning stock basis is $230,000,and the S corporation reports the following items. Ordinary income $72,000 Short-term capital gain 16,000 § 1231 loss 6,000 Tax-exempt interest income 5,000 Calculate Grams's stock basis at year-end.

Question

Gene Grams is a 45% owner of a calendar year S corporation during 2015.His beginning stock basis is $230,000,and the S corporation reports the following items. Ordinary income $72,000 Short-term capital gain 16,000 § 1231 loss 6,000 Tax-exempt interest income 5,000 ​ Calculate Grams's stock basis at year-end.

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The Answer of Gene Grams is a 45% owner of a calendar year S corporation during 2015.His beginning stock basis is $230,000,and the S corporation reports the following items. Ordinary income $72,000 Short-term capital gain 16,000 § 1231 loss 6,000 Tax-exempt interest income 5,000 ​ Calculate Grams's stock basis at year-end.

Gene Grams Is a 45% Owner of a Calendar Year