Distributions from Clampett, Inc., How much gain must the SA general partnership recognize on the transfer of these assets from Sue and Andrew? What is Brett's outside tax basis in his LLC interest?
23- Clampett, Inc. (an S corporation) previously operated as a C corporation. Distributions from Clampett, Inc. are deemed to be paid in the following order: A. The AAA account, prior C corporation earnings and profit, shareholder's remaining stock basis B. Shareholder's remaining stock basis, the AAA account, prior