Corporation M, a calendar yearcorporation that began doing business on January 1, 20X1,had accumulated earnings andprofits of $30,000 as of January 1, 20X8. On July 2, 20X8, Mdistributed $22,000 cash to Mrs.C, M’s sole shareholder. M had a $20,000 deficit inearnings and profits for 20X8.Mrs. C had an adjusted basis of $14,000 in her stock beforethe distribution. What is theamount of Mrs. C’s basis in the stock after the distribution?
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