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Waterloo Corp, a calendar year S corp, reports the following results: Ordinary Income 70000 Long term capital gains 20000 Municipal bond interest income 10000 dividend income 6000 Charitable Contributions 16000. Waerloos AAA and AE&P balances at the beginning of the year are 80000 and 50000. Waterloo makes a 175000 cash distribution to its sole shareholder during the year. The shareholders basis for their waterloo stock on January 1 was 120000. What is the shareholders basis in Waterloo at the end of the year?
a)66000
b)35000
c)50000
d)40000

Sagot :

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