Question
Madeleine, an S shareholder, owned 32% of Shadow Ridge's stock for 26 days and 40% for the remaining 339 days in the year. Using the
Madeleine, an S 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 K-1 Totals
Ordinary income $810,000 $__________
Tax-exempt interest $14,000 $__________
Charitable contributions $8,000 $__________
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