ACCT 553 help A Guide to career/Snaptutorial ACCT 553 help A Guide to career/Snaptutorial | Page 21

$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:
Twoyearslater,thecorporationsoldthemachineryfor$4,000
andthebuildingfor$110,000.Themachineryhad
accumulateddepreciationof$2,000,andthebuildinghadaccumulateddepr
eciationof$1,000.Whatisthebuilt-in gainrecognizedon thesale?
Which ofthefollowingitemsmustbe separatelystated on
Form1120S,U.S.IncomeTaxReturnforan S Corporation, ScheduleK-1?
Forwhichofthefollowingentitiesistheowner'sbasisincreasedbytheowner
'sshareofprofitsanddecreasedbythe
owner'sshareoflosses,butisnotaffectedbytheentity'sbankloanincreaseso
rdecreases?
Frankisa1/3shareholderin an
Scorporation.Atthebeginningoftheyear,Frank'sbasisin
hisScorporationstock
was$10,000.Frank'sshareoftheScorporationitemsofincomei