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i need help with ordinary income, qualified buainess income and unadjusted basis for qualified property Julio and Milania are owners of Falcons Corporation, an S
i need help with ordinary income, qualified buainess income and unadjusted basis for qualified property
Julio and Milania are owners of Falcons Corporation, an S corporation. Each owns 50 percent of Falcons Corporation. year 1. Julio and Milania each received distributions of $15,000 from Falcons Corporation. a. What amount of ordinary income and separately stated items are allocated to them for year 1 based on the information above Assume that Falcons Corporation has $200,000 of qualified property (unadjusted basis) Step by Step Solution
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