See Special Enrollment Exam Quiz
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SEE PART 2: BUSINESSES
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At the beginning of 2025, a taxpayer owned all of the stock of an S corporation and her adjusted basis in the stock was $50,000. During 2025, the corporation reported $40,000 of ordinary business income (determined before any charitable contribution deduction). It also contributed to a qualified charity a long-term capital asset with an adjusted basis of $10,000 and a fair market value of $25,000. The contribution passed through to the taxpayer as a $25,000 charitable contribution deduction that she may use in full. The corporation made no distributions. What is the taxpayer's adjusted basis in the stock at the end of 2025?
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