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need help with both of these questions ^v^ 11-27 Allocations. V owns 500 shares of stock of an S corporation with 2,000 shares outs. 1.
need help with both of these questions ^v^
11-27 Allocations. V owns 500 shares of stock of an S corporation with 2,000 shares outs. 1. - Tha anlandar vear S corporation's records show the following information: Calculate V's share of the items if on March 15 he sells a. 200 of his shares of stock; b. All 500 shares of his stock and the per-day allocation method is used; or c. All 500 shares of his stock and the interim closing of the books method is used. The records reveal that through March 15 , net ordinary income was $60,000 and net capital loss was $10,000. 11-28 Calculating the QBI Deduction. J, a single taxpayer, receives the following allocations from two S corporations in the current year. a. Compute J's QBI deduction if taxable income (before the QBI deduction) is $150,000. b. Compute J's QBI deduction if taxable income (before the QBI deduction) is $250,000. c. Compute J's QBI deduction if taxable income (before the QBI deduction) is $200,000Step by Step Solution
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