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08-03-2024
Business

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Previous years' cash distributions to a shareholder have reduced his/her stock basis to zero in an S corporation. How will any further cash distributions be treated for tax purposes if the company continues to have losses?
a) It will be carried over indefinitely to be offset with future earnings.
b) It will be treated as a capital contribution to the corporation.
c) It will receive passive activity loss treatment, subject to any limitations.
d) It will be treated as a deemed sale of the shareholder's stock

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