Dion, a shareholder, owned 20% of Meadow Brooks stock for 292 days and 25% for the remaining

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Dion, a shareholder, owned 20% of Meadow Brook’s stock for 292 days and 25% for the remaining 73 days in the year. Using the per-day allocation method, compute Dion’s share of the following S corporation items.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...

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South Western Federal Taxation 2018 Corporations Partnerships Estates And Trusts

ISBN: 1389

41st Edition

Authors: William H. Hoffman, William A. Raabe, James C. Young, Annette Nellen, David M. Maloney

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Question Posted: Sep 09, 2015 07:01 AM

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Dion, a shareholder, owned 20% of Meadow Brooks stock for 292 days and 25% for the remaining

Question:

Schedule K Totals Dion's Schedule K-1 Totals Ordinary income Tax-exempt interest Charitable contributions $60,000 1,000 3,400

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Ordinary income allocation For 20 ownership 60000 20 292365 9600 For 25 owner...View the full answer

South Western Federal Taxation 2018 Corporations Partnerships Estates And Trusts

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