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On January 1 of the current year, Rhondell Corporation has accumulated E & P of $168,000. Current E & P for the year is $504,000,
On January 1 of the current year, Rhondell Corporation has accumulated E & P of $168,000. Current E & P for the year is $504,000, earned evenly throughout the year. Elizabeth and Jonathan are sole equal shareholders of Rhondell from January 1 to April 30. On May 1, Elizabeth sells all of her stock to Marshall, Rhondell makes two distributions to shareholders og the year: a total of $268,800 ($134,400 to Elizabeth and $134,400 to Jonathan) on April 30 and a total of $470,400 ($235,200 to Jonathan and $235,200 to Marshall) on December 31. Determine the allocation of the distributions by completing the table below. Assume that the shareholders have sufficient basis in their stock for any amount that is treated as return of capital. If an amount is zero, enter "0". If required, round any division to two decimal places and use in subsequent computations. Round final answers to the nearest dollar.
On-January 1 of the current yeac, Rhondell Corpocation has accumulated E \& P of $168,000. Current E \& P far the year is 5504,000 , earn everly throughout the year Elizbeth and Jonathan are sole equat shareholders of Phondell from lanuary 1 to Aprif 30 . On May 1, Elonhe sells all of her stock to Marshall, Rhondell makes two distributions to shyreholder? 19 the vear: a total of $268,800 ( $134,400 to Elzabeth and $134,400 to Jonathan) on Aprd 30 and a total of $470,400 ( $235,200 to Jonathan and $235,200 to Marshalj) on December 31. Determine the allocition of the distributions by completing the table below. Assume that the shareholders have sufficient basis in their stock for any amount that is treated as return of capital. If an amount is rero, enter " 0 ", If required, round any division to two decimal places and use in subsequent computations. Round final answers to the nearest dollar please fill out the table in the picture thanks!
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