Miyasyke,Inc.,acalendaryearScorporation,hasfiveequalshareholdersattheendofthetaxyear.Miyasykehad

$75,000oftaxableincome.Miyasykemadedistributionsto itsshareholdersof$32,000each,foratotalof$160,000. Eachshareholder’sbasisin theScorporationis$100,000atthebeginningofthetaxyear.Whatamountfrom Miyasykeshould be includedin eachshareholder’sgrossincome?

 

Asoleproprietorshipincorporatedon January1andelectedScorporationstatus.Theownercontributedthefollowing assetsto theScorporation:

Twoyearslater,thecorporationsoldthemachineryfor$4,000 andthebuildingfor$110,000.Themachineryhad accumulateddepreciationof$2,000,andthebuildinghadaccumulateddepreciationof$1,000.Whatisthebuilt-in gainrecognizedon thesale?

Which ofthefollowingitemsmustbe separatelystated on Form1120S,U.S.IncomeTaxReturnforan S Corporation, ScheduleK-1?

Forwhichofthefollowingentitiesistheowner’sbasisincreasedbytheowner’sshareofprofitsanddecreasedbythe owner’sshareoflosses,butisnotaffectedbytheentity’sbankloanincreasesordecreases?

Frankisa1/3shareholderin an Scorporation.Atthebeginningoftheyear,Frank’sbasisin hisScorporationstock was$10,000.Frank’sshareoftheScorporationitemsofincomeincluded$35,000ofincomefromoperations,$1,000 ofcharitablecontributions, and$1,000 ofcapitalgains.Duringtheyear,Frankalsocontributed$15,000ofadditional capitalandreceiveda$3,000 distributionfromtheScorporation.WhatisFrank’sbasisattheendofthetaxyear?

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