Homework Answers
| Without Short Year Election | ||
| Noelle | 28849.31507 | $ |
| Grayson | 88150.68493 | $ |
| With Short Year Election | ||
| Grayson | 99450 | $ |
Noelle's loss allocation: $17452 = 91:365 = x 70000
Grayson's loss allocation: $
If the corporation makes the short-year election, how much of the loss is allocated to Grayson?
$60000 = 70000-10000
Add Answer to:
Exercise 22-18 (Algorithmic) (LO. 6) Noelle, the owner of all of the shares of ClockCo, an...
Exercise 22-17 (Algorithmic) (LO. 6) Dion, an S shareholder, owned 20% of MeadowBrook's stock for 292...
Exercise 22-17 (Algorithmic) (LO. 6) Dion, an S shareholder, owned 20% of MeadowBrook's stock for 292 days and 25% for the remaining 73 days in the year. Using the required per-day allocation method, compute Dion's share of the following S corporation items Assume 365 days in a year. Do not round intermediate computations. Schedule K Totals Dion's Schedule K-1 Totals Ordinary income Tax-exempt interest Charitable contributions $170,000 1,700 8,500
Exercise 18-25 (Algorithmic) (LO. 6) Several years ago, Minjun, who is single, acquired § 1244 stock...
Exercise 18-25 (Algorithmic) (LO. 6) Several years ago, Minjun, who is single, acquired § 1244 stock in Blue Corporation at a cost of $160,400. He sells the Blue stock for $16,040 in the current year. Determine the amount and nature of Minjun's gain or loss recognized this year. Minjun's sale of Blue Corporation stock produces a total loss of $ of which $ is treated as a capital loss.
Exercise 22-16 (Algorithmic) (LO. 10) TyroneCo, an S corporation with a positive E & P balance,...
Exercise 22-16 (Algorithmic) (LO. 10) TyroneCo, an S corporation with a positive E & P balance, reports gross receipts for the year totaling $453,000 (of which $226,500 is passive investment income). Expenditures directly connected to the production of the passive investment income total $90,600. Compute Tyrone’s passive investment income tax. If required, round your final answer to the nearest dollar. $
Exercise 6-3 (Algorithmic) (LO. 2) On May 9, 2017, Calvin acquired 800 shares of stock in...
Exercise 6-3 (Algorithmic) (LO. 2) On May 9, 2017, Calvin acquired 800 shares of stock in Hobbes Corporation, a new startup company, for $114,400. Calvin acquired the stock directly from Hobbes, and it is classified as $ 1244 stock (at the time Calvin acquired his stock, the corporation had $900,000 of paid- in capital). On January 15, 2019, Calvin sold all of his Hobbes stock for $11,440. Assuming that Calvin is single, determine his tax consequences as a result of...
Exercise 6-3 (Algorithmic) (LO. 2) On May 9, 2017, Calvin acquired 350 shares of stock in...
Exercise 6-3 (Algorithmic) (LO. 2) On May 9, 2017, Calvin acquired 350 shares of stock in Hobbes Corporation, a new startup company, for $121,800. Calvin acquired the stock directly from Hobbes, and it is classified as § 1244 stock (at the time Calvin acquired his stock, the corporation had $900,000 of paid-in capital). On January 15, 2019, Calvin sold all of his Hobbes stock for $12,180. Assuming that Calvin is single, determine his tax consequences as a result of this...
Problem 6-42 (Algorithmic) (LO. 3) Henrietta, the owner of a very successful hotel chain in the Southeast, is explo...
Problem 6-42 (Algorithmic) (LO. 3) Henrietta, the owner of a very successful hotel chain in the Southeast, is exploring the possibility of expanding the chain into a city in the Northeast. She incurs $46,000 of expenses associated with this investigation. Based on the regulatory environment for hotels in the city, she decides not to expand. During the year, she also investigates opening a restaurant that will be part of a national restaurant chain. Her expenses for this are $53,400. She...
Problem 13-53 (Algorithmic) (LO. 1, 2, 3) Kevin purchases 1,000 shares of Bluebird Corporation stock on...
Problem 13-53 (Algorithmic) (LO. 1, 2, 3) Kevin purchases 1,000 shares of Bluebird Corporation stock on October 3, 2019, for $175,000. On December 12, 2019, Kevin purchases an additional 750 shares of Bluebird stock for $122,500. According to market quotations, Bluebird stock is selling for $175 per share on 12/31/19. Kevin sells 500 shares of Bluebird stock on March 1, 2020, for $98,000. a. The adjusted basis of Kevin's Bluebird stock on December 31, 2019, is $ b. What is...
Exercise 5-5 (Algorithmic) (LO. 6) Tabitha sells real estate on March 2 of the current year...
Exercise 5-5 (Algorithmic) (LO. 6) Tabitha sells real estate on March 2 of the current year for $341,200. The buyer, Ramona, pays the real estate taxes of $17,060 for the calendar year, which is the real estate property tax year. Round any division to four decimal places and use in subsequent calculations. Round your final answers to the nearest dollar. Assume a 365-day year. a. Determine the real estate taxes apportioned to and deductible by the seller, Tabitha, and the...
Exercise 5-5 (Algorithmic) (LO. 6) Tabitha sells real estate on March 2 of the current year...
Exercise 5-5 (Algorithmic) (LO. 6) Tabitha sells real estate on March 2 of the current year for $374,800. The buyer, Ramona, pays the real estate taxes of $18,740 for the calendar year, which is the real estate property tax year. Round any division to four decimal places and use in subsequent calculations. Round your final answers to the nearest dollar. Assume a 365-day year. a. Determine the real estate taxes apportioned to and deductible by the seller, Tabitha, and the...
Problem 7-12 (Algorithmic) (LO. 1, 2, 3) Kevin purchases 1,000 shares of Bluebird Corporation stock on...
Problem 7-12 (Algorithmic) (LO. 1, 2, 3) Kevin purchases 1,000 shares of Bluebird Corporation stock on October 3, 2018, for $340,000. On December 12, 2018, Kevin purchases an additional 750 shares of Bluebird stock for $238,000. According to market quotations, Bluebird stock is selling for $340 per share on 12/31/18. Kevin sells 500 shares of Bluebird stock on March 1, 2019, for $190,400. a. The adjusted basis of Kevin's Bluebird stock on December 31, 2018, is $ 595,000 . Feedback...
Exercise 22-17 (Algorithmic) (LO. 6) Dion, an S shareholder, owned 20% of MeadowBrook's stock for 292 days and 25% for the remaining 73 days in the year. Using the required per-day allocation method, compute Dion's share of the following S corporation items Assume 365 days in a year. Do not round intermediate computations. Schedule K Totals Dion's Schedule K-1 Totals Ordinary income Tax-exempt interest Charitable contributions $170,000 1,700 8,500
Exercise 18-25 (Algorithmic) (LO. 6) Several years ago, Minjun, who is single, acquired § 1244 stock in Blue Corporation at a cost of $160,400. He sells the Blue stock for $16,040 in the current year. Determine the amount and nature of Minjun's gain or loss recognized this year. Minjun's sale of Blue Corporation stock produces a total loss of $ of which $ is treated as a capital loss.
Exercise 6-3 (Algorithmic) (LO. 2) On May 9, 2017, Calvin acquired 800 shares of stock in Hobbes Corporation, a new startup company, for $114,400. Calvin acquired the stock directly from Hobbes, and it is classified as $ 1244 stock (at the time Calvin acquired his stock, the corporation had $900,000 of paid- in capital). On January 15, 2019, Calvin sold all of his Hobbes stock for $11,440. Assuming that Calvin is single, determine his tax consequences as a result of...
Exercise 6-3 (Algorithmic) (LO. 2) On May 9, 2017, Calvin acquired 350 shares of stock in Hobbes Corporation, a new startup company, for $121,800. Calvin acquired the stock directly from Hobbes, and it is classified as § 1244 stock (at the time Calvin acquired his stock, the corporation had $900,000 of paid-in capital). On January 15, 2019, Calvin sold all of his Hobbes stock for $12,180. Assuming that Calvin is single, determine his tax consequences as a result of this...
Problem 6-42 (Algorithmic) (LO. 3) Henrietta, the owner of a very successful hotel chain in the Southeast, is exploring the possibility of expanding the chain into a city in the Northeast. She incurs $46,000 of expenses associated with this investigation. Based on the regulatory environment for hotels in the city, she decides not to expand. During the year, she also investigates opening a restaurant that will be part of a national restaurant chain. Her expenses for this are $53,400. She...
Problem 13-53 (Algorithmic) (LO. 1, 2, 3) Kevin purchases 1,000 shares of Bluebird Corporation stock on October 3, 2019, for $175,000. On December 12, 2019, Kevin purchases an additional 750 shares of Bluebird stock for $122,500. According to market quotations, Bluebird stock is selling for $175 per share on 12/31/19. Kevin sells 500 shares of Bluebird stock on March 1, 2020, for $98,000. a. The adjusted basis of Kevin's Bluebird stock on December 31, 2019, is $ b. What is...
Exercise 5-5 (Algorithmic) (LO. 6) Tabitha sells real estate on March 2 of the current year for $341,200. The buyer, Ramona, pays the real estate taxes of $17,060 for the calendar year, which is the real estate property tax year. Round any division to four decimal places and use in subsequent calculations. Round your final answers to the nearest dollar. Assume a 365-day year. a. Determine the real estate taxes apportioned to and deductible by the seller, Tabitha, and the...
Exercise 5-5 (Algorithmic) (LO. 6) Tabitha sells real estate on March 2 of the current year for $374,800. The buyer, Ramona, pays the real estate taxes of $18,740 for the calendar year, which is the real estate property tax year. Round any division to four decimal places and use in subsequent calculations. Round your final answers to the nearest dollar. Assume a 365-day year. a. Determine the real estate taxes apportioned to and deductible by the seller, Tabitha, and the...
Most questions answered within 3 hours.
-
3. (10 pts) You grow a corn crop that yields 150 bushels ac-1,
with the following...
asked 2 minutes ago -
7. The term Six Sigma refers to:
Select one:
a. The control limits established in a...
asked 12 minutes ago -
Wildhorse Company follows the practice of pricing its inventory
at the lower-of-cost-or-market, on an individual-item
basis....
asked 14 minutes ago -
For the following reaction: A(g) + 2 B(g) ⇌ 2 C(g) Calculate the
equilibrium constant K...
asked 14 minutes ago -
Which of the following best describes tidal volume? options:
1.The amount of oxygen in the air...
asked 30 minutes ago -
1. Smaller cost distortions occur when the traditional systems'
single indirect-cost rate and the activity-cost-driver rates:...
asked 39 minutes ago -
Using either a FMECA approach or some other appropriate RCA
tool, identify five risk treatment actions...
asked 39 minutes ago -
If for a test the P-value is between 0.0025 and 0.005, what
conclusion can you draw?...
asked 51 minutes ago -
Using Python. Write a function clean2(aList) that takes a list
of integers aList as argument, and...
asked 57 minutes ago -
Intrapreneurship is defined as the
development of an enterprise culture with an existing (Nandan,
2009). An...
asked 1 hour ago -
QUESTION 1 Tamiflu is a drug used to treat influenza. A study
found that Tamiflu reduced...
asked 1 hour ago -
Which of the following would be less likely to be used to
allocate factory overhead when...
asked 1 hour ago
> Exercise 12-15 (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 $70,000 NOL for the entire tax year, but only $10,000 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, how much of the loss is allocated to Noelle and how much is allocated to Grayson?
Olik Le Sun, Mar 27, 2022 6:34 PM