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Business, 22.03.2021 22:00 hgg44137

At the beginning of the year, Oak Corp. (an S corporation) had $50,000 in its AAA, $30,000 of earnings and profits from prior C corporation years. During the year, Oak earned $25,000 of ordinary income and paid $100,000 in distributions to its shareholders. Assume that Ethan owns 25% of Oak Corp. his basis in Oak Corp. stock at the beginning of the year is $5,000, and his share of the distribution was $25,000. How much income does Ethan recognize this year from these transactions?

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At the beginning of the year, Oak Corp. (an S corporation) had $50,000 in its AAA, $30,000 of earnin...
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