Question
An S corporation has the following shares outstanding on January 1, 20X1: Mary 400 shares Frank 500 shares Joe 800 shares On June 1, Joe
An S corporation has the following shares outstanding on January 1, 20X1:
Mary 400 shares
Frank 500 shares
Joe 800 shares
On June 1, Joe sells 300 of his shares of stock to Gary. The S corporations pass-through taxable income is $30,000. Joe must include how much of the taxable income on his Schedule E for 20X1?
A. $5,294
B. $7,059
C. $8,824
D. $11,013
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Accounting For Decision Making And Control
Authors: Jerold Zimmerman
5th Edition
0072975865, 978-0072975864
