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| Grant Corporation, an S corporation, had income of $36,000 for the year ended December 31, 2012. Included in the above is $24,000 of long-term capital gain. Cash distributions to Mr. Hamlin, the sole shareholder, totaled $12,000 during 2012. What amount should Hamlin report on his 2012 individual income tax return as long-term gain passed through from Grant? A. $0 B. $24,000 C. $12,000 D. $ 8,000 |