$ 75,000 of taxable income. Miyasyke made distributions to its shareholders of $ 32,000 each, for a total of $ 160,000. Each shareholder ' s basis in the S corporation is $ 100,000 at the beginning of the tax year. What amount from Miyasyke should be included in each shareholder ' s gross income?
A sole proprietorship incorporated on January 1 and elected S corporation status. The owner contributed the following assets to the S corporation:
Two years later, the corporation sold the machinery for $ 4,000 and the building for $ 110,000. The machinery had accumulated depreciation of $ 2,000, and the building had accumulated depreciation of $ 1,000. What is the built-in gain recognized on the sale?
Which of the following items must be separately stated on Form 1120S, U. S. Income Tax Return for an S Corporation, Schedule K-1?
For which of the following entities is the owner ' s basis increased by the owner ' s share of profits and decreased by the owner ' s share of losses, but is not affected by the entity ' s bank loan increases or decreases?
Frank is a 1 / 3 shareholder in an S corporation. At the beginning of the year, Frank ' s basis in his S corporation stock was $ 10,000. Frank ' s share of the S corporation items of income included $ 35,000 of income from operations, $ 1,000 of charitable contributions, and $ 1,000 of capital gains. During the year, Frank also contributed $ 15,000 of additional capital and received a $ 3,000 distribution from the S corporation. What is Frank ' s basis at the end of the tax year?
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