Clampett, Incorporated, has been an S corporation since its inception. On July 15, 2021, Clampett, Incorporated, distributed $60,000 to JD. His basis in his Clampett, Incorporated, stock on January 1, 2021, was $60,000. For 2021, JD. was allocated $19,000 of ordinary income from Clampett, Incorporated, and no separately stated items. What is JDs basis in his Clampett, Incorporated, stock after all transections in 20217 Mutiple Choice $41.000 $22.000 S1.000

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Chapter20: Corporations And Parterships
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Clampett, Incorporated, has been an S corporation since its inception. On July 15, 2021, Clampett, Incorporated, distributed $60,000 to JD. His basis in his
Clampett, Incorporated, stock on January t, 2021, was $60,000. For 2021, JD. was allocated $19,000 of ordinary income from Clampett, Incorporated, and
no separately stated items. What is JD's basis in his Clampett, Incorporated, stock after all transactions in 20217
Multipie Choice
$41.000
$22.000
$3.000
S.000
None of the choices are comect
Transcribed Image Text:Clampett, Incorporated, has been an S corporation since its inception. On July 15, 2021, Clampett, Incorporated, distributed $60,000 to JD. His basis in his Clampett, Incorporated, stock on January t, 2021, was $60,000. For 2021, JD. was allocated $19,000 of ordinary income from Clampett, Incorporated, and no separately stated items. What is JD's basis in his Clampett, Incorporated, stock after all transactions in 20217 Multipie Choice $41.000 $22.000 $3.000 S.000 None of the choices are comect
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