Based upon the following facts about Aqua, Inc., a calendar year S corporation, prepare the entity's Schedule
Question:
AAA, beginning of the year.............................................$ 9,400
Ordinary income............................................................24,600
Tax-exempt income.........................................................3,000
Key employee life insurance proceeds received........................4,900
Payroll penalty expense.....................................................2,200
Charitable contributions....................................................3,000
Unreasonable compensation................................................4,000
Premiums on key employee life insurance...............................2,300
Distribution to shareholders..............................................17,000
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Related Book For
South Western Federal Taxation 2018 Corporations Partnerships Estates And Trusts
ISBN: 1389
41st Edition
Authors: William H. Hoffman, William A. Raabe, James C. Young, Annette Nellen, David M. Maloney
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