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Two shareholder P and Q formed S - Corporation on 0 1 / 0 1 / 2

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Two shareholder P and Q formed S-Corporation on 01/01/2022. P contributed cash 400,000 and Q contribute
equipment valued at $300,000 and basis of 400,000. P and Q are equal shareholders
During the year S-Corporation incurred the following items
Sales 400,000
Cost of sales -380,000
Depreciation Expense-Macrs -40,000
Other expenses -40,000
Section 179 depreciation 20,000
Section 1231 gain 20,000
Short tem capital loss -6,000
Long term capltal gain 10,000
Charitable Contribution -4,000
1 Calculate basis of each shareholder on 01/01/2022
2 Calculate Separately and Non Separately reported items
3 Calculate Basis of each shareholder at the end of year

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