The Tipton Inn Corporation operates as an S corp, and they have the following times for the
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Question:
The Tipton Inn Corporation operates as an S corp, and they have the following times for the 2020 tax period.
Operating expense - $170,000
Charitable Contribution - $2,000
Revenue - $140,000
Long term capital gain - $20,000
Distribution to shareholder- $9,000
Kathy is the sole shareholder and has a stock basis of $14,000 prior to raking into consideration the items set forth above.
Part A- compute the nonseparately stated income and the separately stated items of Tipton.
Part B- compute Kathy's deductible loss and basin in stock after applying fly-through of Tipton's items.
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