Question: Assume that Olive Corporation in Comprehensive Problem 1 is an
Assume that Olive Corporation, in Comprehensive Problem 1, is an S corporation owned 50 percent by Linda Holiday and 50 percent by Ralph Winston. The corporation is not subject to any special taxes. Using the relevant information given in Comprehensive Problem 1 and assuming the corporation’s retained earnings are $35,000 instead of $31,850, accounts payable are $10,000 instead of $13,150, and no estimated tax payments are made, complete Form 1120S for Olive Corporation and Schedule K-1 for Linda on Pages 11-43 through 11-48. Assume there were no cash distributions during the year.
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