Hazel Is the Sole Shareholder of Maple Corp

question 29

Essay

Hazel is the sole shareholder of Maple Corp. In 2016 Maple operated as a C corporation and reported $15,000 of taxable income (and earnings and profits). In 2016, Maple elected S corporation status. During 2017 Maple reported $12,000 of ordinary business income and no separately stated items. It also distributed $25,000 to Hazel. What is the amount and character of income Hazel must recognize on the distribution? What is Hazel's stock basis at the end of 2017 (after accounting for the distribution) if her basis at the beginning of the year was $5,000?

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Definitions:

Contained

Something that is held or enclosed within a boundary or container, preventing it from spreading or escaping.

Ovary

In flowering plants, the enlarged, ovule-bearing portion of the carpel that develops into a fruit; female gonad in animals that produces an egg and female sex hormones.

Anther

Male structure of a flowering plant where pollen is produced; attached to the flower by the filament.

Filament

End-to-end chains of cells that form as cell division occurs in only one plane; in plants, the elongated stalk of a stamen.