Question: Sheila Jackson is a 50 shareholder in Washington Inc an
Sheila Jackson is a 50% shareholder in Washington, Inc., an S corporation. This year, Jackson’s share of the Washington loss is $100,000. Jackson has income from several other sources. Identify at least four tax issues related to the effects of the S corporation loss on Jackson’s tax return.
Relevant QuestionsOne of your clients is considering electing S status. Texas, Inc., is a sixyear-old company with two equal shareholders, both of whom paid $30,000 for their stock. Going into 2015, Texas has a $110,000 NOL carryforward from ...Greiner, Inc., a calendar year S corporation, holds no AEP. During the year, Chad, an individual Greiner shareholder, receives a cash distribution of $30,000 from the entity. Chad’s basis in his stock is $25,000. Compute ...Lonergan, Inc., a calendar year S corporation in Athens, Georgia, had a balance in AAA of $200,000 and AEP of $110,000 on December 31, 2015. During 2016, Lonergan, Inc., distributes $140,000 to its shareholders, while ...Flint, an S corporation with substantial AEP, reports operating revenues of $410,000, taxable interest income of $390,000, operating expenses of $260,000, and deductions attributable to the interest of $150,000. Calculate ...Violet Corporation, a C corporation in the 34% tax bracket, will be subject to the AMT this year. Armen, Violet's president, has heard that it can be advantageous to accelerate income and defer deductions to a tax year in ...
Post your question