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Exercise 15-1 (a) (LO. 4) Madeleine, an S shareholder, owned 32% of Shadow Ridge's stock for 26 days and 40% for the remaining 339 days
Exercise 15-1 (a) (LO. 4) Madeleine, an S shareholder, owned 32% of Shadow Ridge's stock for 26 days and 40% for the remaining 339 days in the year. Using the per-day allocation method, compute Madeleine's share of the following S corporation items Assume 365 days in a year. In your computations, round the per-day allocation to two decimal places and use in subsequent computations. Do not round other computations. If required, round your final answers to the nearest dollar. Schedule K Totals Madeleine's Schedule K-1 Totals Ordinary income Tax-exempt interest Charitable contributions $810,000 $14,000 $8,000
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