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Robert Elk Paid $100,000 for All of the Single Class

Question 61

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Robert Elk paid $100,000 for all of the single class of stock of Elkom Corporation, an electing S corporation, when incorporated in January Year 1. Elkom's operating results and dividend distribution are as follows: Robert Elk paid $100,000 for all of the single class of stock of Elkom Corporation, an electing S corporation, when incorporated in January Year 1. Elkom's operating results and dividend distribution are as follows: What is Elk's basis for his Elkom stock on December 31 of 2019? What is Elk's basis for his Elkom stock on December 31 of 2019?

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$100,000 - $40,000 + ($60,000 - $20,000)...

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