A owns ABC, Inc., an S corporation. A's stock basis was $10,000 at the beginning of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
A owns ABC, Inc., an S corporation. A's stock basis was $10,000 at the beginning of year 1 and he loaned ABC $3,000 on Jan. 1. ABC has loss of $15,000 for the year. 30. How much of the loss can A deduct in year 1. In year 2 ABC has income of $12,000. 31. What is A's stock basis at the end of year 2. 32. What is A's loan basis at the end of year 2. 33. In year 5 when A's stock basis was $25,000 and his loan basis was $10,000, ABC distributed $30,000 to him. What is the amount and character of any gain A must recognize on the distribution? A owns ABC, Inc., an S corporation. A's stock basis was $10,000 at the beginning of year 1 and he loaned ABC $3,000 on Jan. 1. ABC has loss of $15,000 for the year. 30. How much of the loss can A deduct in year 1. In year 2 ABC has income of $12,000. 31. What is A's stock basis at the end of year 2. 32. What is A's loan basis at the end of year 2. 33. In year 5 when A's stock basis was $25,000 and his loan basis was $10,000, ABC distributed $30,000 to him. What is the amount and character of any gain A must recognize on the distribution?
Expert Answer:
Answer rating: 100% (QA)
A owns ABC Inc an S corporation As stock basis was ... View the full answer
Posted Date:
Students also viewed these accounting questions
-
S6-9 Use the high-low method Brimfield Catering uses the high-low method to predict its total overhead costs. Past records show that total overhead cost was $25,600 when 860 hours were worked and...
-
Question: Old MathJax webview Old MathJax webview i need ans of these question but the source is alot Old MathJax webviewOld MathJax webview i need ans of these question but the source is alot these...
-
1 What are the main components of personal financial planning? Solve What is the purpose of a financial plan? Solve Identify some common actions taken to achieve financial goals. How does a job...
-
How is the standard form of a circles equation obtained from its general form?
-
Canada's debt was $630 billion at the end of 2003. Using the information below (in billions of Canadian dollars), fill in the blanks for Canada's budget balance and debt for the following years:...
-
Change requires more coordination than does the performance of normal organizational tasks. Any time you change something, you discover its connections to other parts of the organization, which have...
-
Continuing the previous problem, what was the standard deviation in annual returns during this period? a. 12.51% b. 12.85% c. 13.94% d. 14.37%
-
Spice-a-licious produces creole seasoning using the following process for each batch: Function Time (Minutes) Receiving ingredients ................ 60 Moving ingredients to stockroom ............ 80...
-
of 3 Cash Accounts receivable, net 386,570 29,000 22,200 13,200 24,200 1. Compute the total prime costs for both Garcon Company and Pepper Company. 2. Compute the total conversion costs for both...
-
Required information [The following information applies to the questions displayed below.] In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara...
-
(2%) Problem 9: An airline passenger drops a coin while the plane is moving horizontally at 270 m/s. Randomized Variables v = 270 m/s h=1161 m How far does the coin travel horizontally in meters with...
-
22 If operating expenses are 18% of the total cost and expenses, how much was the applied factory overhead? * (2 Points) Lakers Products, Inc. summarized the following information for the year 2021:...
-
Consider a training set with 3 features, X1, X2, and X3, for a binary classification problem. The class distribution is shown in the table below. X1 X2 X3 Number of positives Number of negatives 1 1...
-
A company produces steel rods. The lengths of the steel rods are normally distributed with a mean of 187.8-cm and a standard deviation of 1.4-cm. For shipment, 19 steel rods are bundled together....
-
A swap dealer is a net floating-rate payer and net fixed-rate receiver. The dealer can hedge this position by: Select one: a.unwinding some positions where the dealer is fixed-rate payer. b.unwinding...
-
You have been tasked bythe management of Gusty Energy Inc.,with developing a logistics plan for the production and distribution of nacelles used in wind energy production.Gusty Energy Incoperates...
-
(8%) Problem 6: A student attaches a f= 3.5 kHz oscillator to one end of a metal rail of length L = 25 m. The student turns on the oscillator and uses a piezoelectric gauge at the other end to...
-
How many months does it take to save $200,000.00 based on the information provided in this problem?---
-
What is the amount oi the credit to employee city income tax payable?
-
Milat is the total yearly gross pay for all employees?
Study smarter with the SolutionInn App