Question
Joyce and her brother, Bob, are co-owners of, and active participants in a furniture-restoration business. Joyce owns 30 percent, and Bob owns 70 percent of
Joyce and her brother, Bob, are co-owners of, and active participants in a furniture-restoration business. Joyce owns 30 percent, and Bob owns 70 percent of the business. The business was formed as an S corporation in 2011. During 2019, the company pays $5,000 in dividends. The basis of Joyces stock is $33,000.
How would you report Joyce's dividends paid and basis of stock on her 2019 income?
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Financial Accounting International Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel
6th Edition
978-0470623275
