Question: 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

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 25 shares to his brother and 40 shares to his daughter. WRT s ordinary income for the year was $202,000. Required: What portion of this income must each shareholder include in income? (Assume 365 doys in o year. Round income per doy of ownership to 4 decimal places. Round other intermediate colculations and final answers to the nearest whole dollor amount.)

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