A Calendar Year Business Was Operated as a C Corporation $\$ 2,500$

question 30

Multiple Choice

A calendar year business was operated as a C corporation from 1998 through 2006, and as an S corporation since 2007.Its account balances at the end of 2011 are 1998-06 accumulated earnings and profits $\$ 2,500$
2007-10 accumulated adjustment account 1,000
2011 net ordinary income $\quad$ 2,200
2011 excludable interest income 800
2011 cash distributions to M4,500 M, the sole shareholder, had a basis in his stock of $4,000 at the beginning of 2011.M is single and has no other tax information.M's A.G.I.is

• A)$4,500
• B)$3,500
• C)$2,600
• D)$2,200
• E)Some other amount, which is $__________________

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Visual Aids

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Visual Aids

Graphical elements such as charts, diagrams, photographs, and videos used to supplement a presentation or message for clearer understanding.