Beverage Inc, is an S corporation which Carries accumulated earnings and profits from its past years as a C corporation. The balance in the accumulated E&P account at the beginning of 2018 was $100,000. Thomas and Patricia each one 50% of the stock. Beverage does not make any distributions during 2018, but had $200,000 ordinary income. In 2019, ordinary income was $100,000 and distributions were $100,000. What is Thomas share of the S corporation ordinary income for 2019? 

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To calculate Thomas share of the S corporations ordinary income for 2019 we need to take into accoun... View the full answer