Clampett, inc. has been an s corporation since its inception. on july 15, 2019, clampett, inc. distributed $50,000 to j. d. his basis in his clampett, inc. stock on january 1, 2019, was $30,000. for 2019, j. d. was allocated $10,000 of ordinary income from clampett, inc. and no separately stated items. what is the amount of income j. d. recognizes related to clampett, inc. in 2019?
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Clampett, inc. has been an s corporation since its inception. on july 15, 2019, clampett, inc. distr...
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