11-24 Net Income. A calendar year S corporation has the following information for the current taxable...
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11-24 Net Income. A calendar year S corporation has the following information for the current taxable year Sales ..... $180,000 Cost of goods sold. (70,000) Dividend income 5,000 Net capital loss Salary to Z.... Life insurance for Z.. Other operating expenses . (4,000) 12,000 500 40,000 Cash distributions to owners . . 20,000 Assume Z is single and her only other income is $30,000 salary from an unrelated employer. She is a 20% owner with a $10,000 basis in the S stock at the beginning of the year. Calculate the S corporation's net ordinary income and Z's adjusted gross income and ending basis in the S corporation stock. 11-24 Net Income. A calendar year S corporation has the following information for the current taxable year Sales ..... $180,000 Cost of goods sold. (70,000) Dividend income 5,000 Net capital loss Salary to Z.... Life insurance for Z.. Other operating expenses . (4,000) 12,000 500 40,000 Cash distributions to owners . . 20,000 Assume Z is single and her only other income is $30,000 salary from an unrelated employer. She is a 20% owner with a $10,000 basis in the S stock at the beginning of the year. Calculate the S corporation's net ordinary income and Z's adjusted gross income and ending basis in the S corporation stock.
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Amount in S Corporation Net Ordinary income Stock Holding of Z Beginning Stock of Z Profit for the c... View the full answer
Related Book For
Understanding Financial Accounting
ISBN: 978-1118849385
1st Canadian Edition
Authors: Christopher Burnley, Robert Hoskin, Maureen Fizzell, Donald
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