In year 2, Julio and Milani each received distributions of $25,000 from Falcons Corporation. a. What amount

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In year 2, Julio and Milani each received distributions of $25,000 from Falcons Corporation.

a. What amount of ordinary income and separately stated items are allocated to them for year 2 based on the information above?

b. Complete Falcons Form 1120S, Schedule K for year 2.

c. Complete Milania's 1120S, Schedule K-1 for year 2.

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Essentials Of Federal Taxation 2018

ISBN: 9781260007640

9th Edition

Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver

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Question Posted: Jul 19, 2017 10:57 AM

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In year 2, Julio and Milani each received distributions of $25,000 from Falcons Corporation. a. What amount

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a Ordinary Income 200000 100000 200000x 50 allocated to Julio and Milani each Separately stated items Section 179 expense 50000 25000 allocated to Julio and Milani each Interest income 22500 11250 all...View the full answer

Essentials Of Federal Taxation 2018

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