Question: Problem: Module 9 Textbook Problem 6 Learning Objective: 9 - 3 Describe how families can use partnerships or S corporations to shift income. WRT ,

Problem: Module

9

Textbook Problem

6

Learning Objective:

9 - 3

Describe how families can use partnerships or

S

corporations to shift income.

WRT

,

a calendar year

S

corporation, has

100

shares of outstanding stock. At the beginning of the year, Mr

.

Wallace owned all

100

shares. On September

30,

he gave

20

shares to his brother and

35

shares to his daughter. WRT

'

s ordinary income for the year was $

200, 000 .

Required:

What portion of this income must each shareholder include in income?

(

Assume

365

days in a year. Round income per day of ownership to

4

decimal places. Round other intermediate calculations and final answers to the nearest whole dollar amount.

)

\

table

[[,

Amount

], [

Brother

'

s income,

], [

Daughter

'

s income,

], [

Mr Wallace's income,

]]

families can use partnerships or S corporations to shift income. WRT, a

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