Dudley Has a 20% Ownership Interest in a Business for Which

Essay

Dudley has a 20% ownership interest in a business for which his basis is $100,000.During the year,the entity earns profits of $90,000 and makes cash distributions to the owners of $50,000.How do these transactions affect Dudley's basis if:
c. The entity is a C corporation?

b. The entity is a general partnership?

c. The entity is an S corporation.