ACCT 553 Week 6 You Decide Mark, and John Case Part I: Discuss the various forms of organization that are available to Penelope, Mark, and John Part II: Make your recommendation as to what form of organization you believe will be best, and be sure to explain the reasoning for your choice. Part III: Discuss the tax consequences of contributing cash, property, and / or services to the new entity. ================================================== ACCT 553 Week 6 Homework
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ACCT 553 Week 6 You Decide Mark, and John Case Part I: Discuss the various forms of organization that are available to Penelope, Mark, and John Part II: Make your recommendation as to what form of organization you believe will be best, and be sure to explain the reasoning for your choice. Part III: Discuss the tax consequences of contributing cash, property, and / or services to the new entity. ================================================== ACCT 553 Week 6 Homework
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Miyasyke, Inc., acalendaryearScorporation, hasfiveequalshareholdersatt heendofthetaxyear. Miyasykehad $ 75,000oftaxableincome. Miyasykemadedistributionsto itsshareholdersof $ 32,000each, foratotalof $ 160,000. Eachshareholder ' sbasisin theScorporationis $ 100,000atthebeginningofthetaxyear. Whatamountfr om Miyasykeshould be includedin eachshareholder ' sgrossincome?
Asoleproprietorshipincorporatedon January1andelectedScorporationstatus. Theownercontributedthefollow ing assetsto theScorporation: