Lan Corp., an accrual-basis calendar-year repair service corporation, was formed and began business on January 6, 20x1. Lans valid S corporation election took effect retroactively on January 6, 20x1. For the following problems, determine the amount, if any, using the fact pattern ofr each item..

1. Assume the following facts:

- Lans 20x1 books recorded the following items:

- Gross receipts : $7,260

- Interest income on investments : 50

- Charitable contributions : 1,000

- Supplies : 1,120

What amount of net business income should Lan report on its 20x1 Form 1120S, US Income Tax Return for an S corporation, Schedule K?

2. Assume the following racts:

As of January 6, 20x1, Taylor and Barr each owned 100 shares of the 200 issued shares of Lan stock. On January 31, 2ox1, Taylor and Barr each sold twenty shareds to Pike. No election was made to terminate the tax year. Lan had net business income of $14,400 for the year ended December 31, 20x1, and made no distributions to its shareholders. Lans 20x1 calendar year had 360 days.

What amount of net business income should have been reported on Pikes 20x1 Schedule K-1 form Lan? (20x1 is a 360 day tax year) Round the answer to the nearest hundred.

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