Question
As of January 1 of this year, May owned all 1,200 shares of a calendar-year S corp., Coop, Inc. On Oct. 31, the 304th day
As of January 1 of this year, May owned all 1,200 shares of a calendar-year S corp., Coop, Inc. On Oct. 31, the 304th day of this year, May sold 480 shares to Jay. Coop. reported $133,000 in ordinary business income for the entire year and made no distributions. What amount of income should Coop report to May on her K-1?
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Advanced Financial Accounting
Authors: Theodore E. Christensen, David M. Cottrell, Cassy Budd
13th International Edition
1265042616, 9781265042615
