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Cameron owns all the stock of Franklin Corporation, an S corporation. Cameron's basis for the 1,000 shares is $80,000. On June 12 of the current
Cameron owns all the stock of Franklin Corporation, an S corporation. Cameron's basis for the 1,000 shares is $80,000. On June 12 of the current year (assume a non-leap year), Cameron gifts 100 shares of stock to his younger brother Ryan, who has been working in the business for one year. Franklin Corporation reports $75,000 of ordinary income for the current year. Requirement What amount of income is allocated to Cameron? To Ryan? (Use a 365-day year for computations. Do not round intermediary calculations. Only round the amount you enter in the input field to the nearest dollar.) Ordinary income allocated Cameron Ryan
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