Gene Grams Is a 45% Owner of a Calendar Year

question 6

Essay

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.

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Definitions:

Bruits

Sounds heard over the arteries or veins during auscultation, indicative of abnormal blood flow, often due to narrow or blocked vessels.

Exhale

The process of releasing air from the lungs through the mouth or nose.

Tetralogy of Fallot

A congenital heart defect that includes four abnormalities: a large ventricular septal defect, pulmonary stenosis, right ventricular hypertrophy, and an overriding aorta.

Systolic Murmur

A heart sound indicating turbulent blood flow that occurs during the heartbeat's systolic phase, often implying valvular heart disease or other circulatory issues.