Gabby and Sookie were shareholders of Chet Inc, a calendar (365 day) year S Corporation. On...
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Gabby and Sookie were shareholders of Chet Inc, a calendar (365 day) year S Corporation. On 1/1/X1 Gabby owned 40% and Sookie owned 60% of Chet Inc. On 3/31/X1 (89 days into the year), Gabby sold half of her shares to Sookie for $10,000. The corporation's books show a loss of $20,000 from 1/1/X1 - 3/31/X1 and a $ 31,100 loss from 4/1/X1 - 12/31/X1 for a total 20X1 loss of $ 51,100 loss. How much of the loss will it report to Sookie as her share of the non-separately stated loss? Gabby and Sookie were shareholders of Chet Inc, a calendar (365 day) year S Corporation. On 1/1/X1 Gabby owned 40% and Sookie owned 60% of Chet Inc. On 3/31/X1 (89 days into the year), Gabby sold half of her shares to Sookie for $10,000. The corporation's books show a loss of $20,000 from 1/1/X1 - 3/31/X1 and a $ 31,100 loss from 4/1/X1 - 12/31/X1 for a total 20X1 loss of $ 51,100 loss. How much of the loss will it report to Sookie as her share of the non-separately stated loss?
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Related Book For
Modern Advanced Accounting in Canada
ISBN: 978-1259087554
7th edition
Authors: Hilton Murray, Herauf Darrell
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