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Business, 08.04.2020 02:47 DaisyHargrove23

Amit, Inc., an S corporation, holds an AAA balance of $614,000 at the beginning of the tax year. During the year, the following items occur. Operating income $501,000 Interest income 6,500 Dividend income 13,020 Municipal bond interest income 6,000 Long-term capital loss from sale of investment land 7,400 Section 179 depreciation deduction 6,000 Charitable contributions 19,000 Cash distributions 57,000 Amitā€™s ending AAA balance is: a. $1,045,120. b. $1,051,120. c. $1,191,150. d. $1,242,150. e. Some other amount.

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Amit, Inc., an S corporation, holds an AAA balance of $614,000 at the beginning of the tax year. Dur...
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