During 2012, Dana Rippel, the Sole Shareholder of a Calendar

question 98

Multiple Choice

During 2012, Dana Rippel, the sole shareholder of a calendar year S corporation, received a distribution of $16,000.On December 31, 2011, her stock basis was $4,000.The corporation earned $11,000 ordinary income during the year.It has no accumulated E & P.Which statement is correct?

• A)Rippel recognizes a $1,000 LTCG.
• B)Rippel's stock basis will be $2,000.
• C)Rippel's ordinary income is $15,000.
• D)Rippel's return of capital is $11,000.

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Collaboration

The process of two or more people or organizations working together to complete a task or achieve a goal.

New Members

Individuals or entities that have recently joined a group, organization, or community.

Shared Beliefs

Common ideas or values accepted and held by a group or community, which can influence collective behavior and decision-making.

Organizational Culture

The shared values, beliefs, and norms that influence the way employees think, feel, and act within an organization.