A Shareholder's Basis for the S Corporation Stock Is Adjusted

question 24

True/False

A shareholder's basis for the S corporation stock is adjusted for ordinary income or loss and separately stated items that flow through to the shareholders as well as for additional capital contributions by shareholders and distributions to shareholders.

---

Definitions:

Postindustrial Nation

Refers to a country that has moved from industrial production to service and information management predominance.

Industrializing Country

A nation in the process of moving from an agriculture-based economy to one based on the manufacturing of goods and services.

Social Movements

Organized efforts by a large group of people to achieve or prevent change in society, often aiming at social justice, policy reform, or revolution.

Collective Behavior

The actions, thoughts, and feelings of a relatively spontaneous and unstructured group of people in response to common influences or objectives.