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accumulateddepreciationof$2,000,andthebuildinghadaccumulateddeprec
iationof$1,000.Whatisthebuilt-in gainrecognizedon thesale?
Which ofthefollowingitemsmustbe separatelystated on
Form1120S,U.S.IncomeTaxReturnforan S Corporation, ScheduleK-1?
Forwhichofthefollowingentitiesistheowner'sbasisincreasedbytheowner'ss
hareofprofitsanddecreasedbythe
owner'sshareoflosses,butisnotaffectedbytheentity'sbankloanincreasesord
ecreases?
Frankisa1/3shareholderin an
Scorporation.Atthebeginningoftheyear,Frank'sbasisin
hisScorporationstock
was$10,000.Frank'sshareoftheScorporationitemsofincomeincluded$35,0
00ofincomefromoperations,$1,000 ofcharitablecontributions, and$1,000
ofcapitalgains.Duringtheyear,Frankalsocontributed$15,000ofadditional
capitalandreceiveda$3,000
distributionfromtheScorporation.WhatisFrank'sbasisattheendofthetaxyea
r?
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ACCT 553 Week 7 Homework
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Chapters 10-11-12
1. Please explain the distinction between a "realized" gain and a
"recognized" gain. (5 pts)