You Are a 60% Owner of an S Corporation

Essay

You are a 60% owner of an S corporation. Calculate your ending stock basis based upon these facts. $$\begin{array} { l r } \text { Beginning stock basis } & \$ 52,600 \\\text { Purchases of additional stock } & 15,000 \\\text { Insurance premiums paid (nondeductible) } & 3,600 \\\text { Tax-exempt interest income } & 5,230 \\\text { Payroll tax penalty } & 3,770 \\\text { Increase in AAA } & 22,400 \\\text { Increase in OAA } & 5,800\end{array}$$