Question
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
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 the per-day allocation to two decimal places and use in subsequent computations. Do not round other computations. If required, round your final answers to the nearest dollar.
Schedule K Totals Madeleine's Schedule K1 Totals
Ordinary income $810,000 $ _________________
Tax-exempt interest $14,000 $_______________________
Charitable contributions $8,000 $____________________
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