In year 2, Julio and Milani each received distributions of $25,000 from Falcons Corporation. a. What amount
Question:
In year 2, Julio and Milani each received distributions of $25,000 from Falcons Corporation.
a. What amount of ordinary income and separately stated items are allocated to them for year 2 based on the information above?
b. Complete Falcons Form 1120S, Schedule K for year 2.
c. Complete Milania's 1120S, Schedule K-1 for year 2.
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a Ordinary Income 200000 100000 200000x 50 allocated to Julio and Milani each Separately stated items Section 179 expense 50000 25000 allocated to Julio and Milani each Interest income 22500 11250 all...View the full answer
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Related Book For
Essentials Of Federal Taxation 2018
ISBN: 9781260007640
9th Edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
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