An S corporation distributes inventory with a basis of $30,000 and a value of $60,000 to its three shareholders who have a total basis of $200,000 in their stock before this distribution. What is the total basis of the shareholders' stock after this transaction is completed? DO NOT USE COMMAS OR DOLLAR SIGNS IN YOUR ANSWER!!

An S corporation distributes inventory with a basis of $30,000 and a value of $60,000 to its three shareholders who have a total basis of $200,000 in their stock before this distribution. What is the total basis of the shareholders' stock after this transaction is completed? DO NOT USE COMMAS OR DOLLAR SIGNS IN YOUR ANSWER!!

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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