Emeline, Inc., of Auburn, Alabama, is an accrual basis S corporation with three equal shareholders. The three cash basis shareholders have the following stock basis at the beginning of the year: Andre, $12,000; Crum, $22,000; and Barbara, $31,000.
Emeline reports the following income and expense items.
| Operating loss | ($30,000) |
| Short term capital gain | 37,500 |
| Long term capital loss | (6,000) |
| Nondeductible fees and penalties | (3,000) |
Emeline distributes $6,000 of cash to each of the shareholders during the tax year. Calculate each of the shareholders’ stock bases at the end of the year.
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