Business, 24.06.2019 21:30, wade98

Graphite corp. has been a calendar-year s corporation since its inception on january 2, 2011. on january 1, 2017, smith and tyler each owned 50% of the graphite stock in which their respective bases were $12,000 and $9,000. for the year ended december 31, 2017, graphite had $80,000 in ordinary business income and $6,000 in tax-exempt income. graphite made a $53,000 cash distribution to each shareholder on december 31, 2017. what total amount of income from graphite is includible in smith's 2017 adjusted gross income?

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Graphite corp. has been a calendar-year s corporation since its inception on january 2, 2011. on jan...