Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Hansen Corporation, an S Corporation , (not a manufacturer) reports the following items of income and expense for 2021: Gross Revenue $900,000 Dividends Received from
Hansen Corporation, an S Corporation, (not a manufacturer) reports the following items of income and expense for 2021:
Gross Revenue | $900,000 |
Dividends Received from 30% owned corp | 200,000 |
LTCG | 30,000 |
STCL | 12,000 |
City of Lee's Summit Bond Interest | 10,000 |
Cost of Goods Sold | 375,000 |
Administrative Expenses | 325,000 |
Charitable Contributions | 60,000 |
If Dwight, an individual, owns 30% of Hansen S-Corp for all of 2021, how much ordinary income would Dwight report, as a result of Hansen's activities?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started