Homework Answers
| Deduction percentage = 20%*(292/365)+25%*(73/365)= 21% | |||
| Schedule K totals | Dion's Schedule K-1 Totals | ||
| Ordinary income | 170000 | 35700 | (170000*21%) |
| Tax-exempt interest | 1700 | 357 | (1700*21%) |
| Charitable contributions | 8500 | 1785 | (8500*21%) |
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Exercise 22-17 (Algorithmic) (LO. 6) Dion, an S shareholder, owned 20% of MeadowBrook's stock for 292...
Madeleine, an S shareholder, owned 32% of Shadow Ridge's stock for 26 days and 40% for the remain...
Madeleine, an S shareholder, owned 32% of Shadow Ridge's stock for 26 days and 40% for the remaining 339 days in the year. Using the per-day allocation method, compute Madeleine's share of the following S corporation items. Assume 365 days in a year. In your computations, round the per-day allocation to two decimal places and use in subsequent computations. Do not round other computations. If required round your final answers to the nearest dollar. Madeleine's Schedule K-1 Totals Schedule K...
Exercise 22-18 (Algorithmic) (LO. 6) Noelle, the owner of all of the shares of ClockCo, an...
Exercise 22-18 (Algorithmic) (LO. 6) Noelle, the owner of all of the shares of ClockCo, an S corporation, transfers her stock to Grayson on April 1. ClockCo reports a $117,000 NOL for the entire tax year, but only $17,550 of the loss occurs during January-March Assume 365 days in a year. Round per day computations to five decimal places. Round final answers to the nearest dollar. Without a short-year election, $ of the loss is allocated to Noelle, and is...
Required Information Problem 20-61 (LO 20-4) The following information applies to the questions displayed below The...
Required Information Problem 20-61 (LO 20-4) The following information applies to the questions displayed below The partnership agreement of the G&P general partnership states that Gary will receive a guaranteed payment of $19.000 and that Gary and Prudence will share the remaining profits or losses in a 45/55 ratio. For year 1, the G&P partnership reports the following results: Sales revenue Gain on sale of land (51231) Cost of goods sold Depreciation- CRS Deployee wages Cash charitable contributions Municipal bond...
Comprehensive Problem 8-84 (LO 8-1, LO 8-2, LO 8-3, LO 8-4, LO 8-5) [The following information applies to the questions displayed below.] Reba Dixon is a fifth-grade school teacher who earned a salar...
Comprehensive Problem 8-84 (LO 8-1, LO 8-2, LO 8-3, LO 8-4, LO
8-5)
[The following information applies to the questions
displayed below.]
Reba Dixon is a fifth-grade school teacher who earned a salary of
$38,000 in 2018. She is 45 years old and has been divorced for four
years. She receives $1,200 of alimony payments each month from her
former husband (divorced in 2016). Reba also rents out a small
apartment building. This year Reba received $50,000 of rental
payments...
Madeleine, an S shareholder, owned 32% of Shadow Ridge's stock for 26 days and 40% for the remaining 339 days in the year. Using the per-day allocation method, compute Madeleine's share of the following S corporation items. Assume 365 days in a year. In your computations, round the per-day allocation to two decimal places and use in subsequent computations. Do not round other computations. If required round your final answers to the nearest dollar. Madeleine's Schedule K-1 Totals Schedule K...
Exercise 22-18 (Algorithmic) (LO. 6) Noelle, the owner of all of the shares of ClockCo, an S corporation, transfers her stock to Grayson on April 1. ClockCo reports a $117,000 NOL for the entire tax year, but only $17,550 of the loss occurs during January-March Assume 365 days in a year. Round per day computations to five decimal places. Round final answers to the nearest dollar. Without a short-year election, $ of the loss is allocated to Noelle, and is...
Required Information Problem 20-61 (LO 20-4) The following information applies to the questions displayed below The partnership agreement of the G&P general partnership states that Gary will receive a guaranteed payment of $19.000 and that Gary and Prudence will share the remaining profits or losses in a 45/55 ratio. For year 1, the G&P partnership reports the following results: Sales revenue Gain on sale of land (51231) Cost of goods sold Depreciation- CRS Deployee wages Cash charitable contributions Municipal bond...
Comprehensive Problem 8-84 (LO 8-1, LO 8-2, LO 8-3, LO 8-4, LO
8-5)
[The following information applies to the questions
displayed below.]
Reba Dixon is a fifth-grade school teacher who earned a salary of
$38,000 in 2018. She is 45 years old and has been divorced for four
years. She receives $1,200 of alimony payments each month from her
former husband (divorced in 2016). Reba also rents out a small
apartment building. This year Reba received $50,000 of rental
payments...
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