Included in the positive adjustment to stock basis is an increase for tax-exempt income realized by the S corporation.
FORBES: Tax Court Holds S Corporation Shareholders Liable for $30 Million Tax Deficiency
As we noted last week, Democracy 21 is itself a tax-exempt 501(c)(4) corporation.
WSJ: Best of the Web Today
It was incorporated as an Illinois not-for-profit corporation in 1963 at the behest of the ABA, which is a tax-exempt business league.
FORBES: Informer
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