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Madeleine, a shareholder, owned 32% of Shadow Ridge' s stock for 26 days and 40% for the remaining 339 days in the year. Using the
Madeleine, a 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 any division to two decimal places and use in subsequent computations. If required, round your final answers to the nearest dollar.
Schedule K totals | ||
Ordinary income | $810,000 | $ |
Tax-exempt interest | $14,000 | $ |
Charitable contributions | $8,000 | $ |
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