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Cougar, Inc., is a calendar year S corporation. Cougar's Form 1120 S shows nonseparately stated ordinary income of $80,000 for the year. Johnny owns 40%
Cougar, Inc., is a calendar year S corporation. Cougar's Form 1120 S shows nonseparately stated ordinary income of $80,000 for the year. Johnny owns 40% of the Cougar stock throughout the year. The following information is obtained from the corporate records. a. Compute Cougar's book income or loss. The entity's book is $ b. Compute Johnny's ending stock basis. $ c. Calculate Cougar's ending AAA balance. $
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