Question
Please help. I'm not getting how to arrive with the answers. Please advise. Madeleine, an S shareholder, owned 32% of Shadow Ridge's stock for 26
Please help. I'm not getting how to arrive with the answers. Please advise.
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
ordinary income 810000
tax-exempt interest 14000
charitable contributions 8000
madeleines schedule k-1 totals
Ordinary income ______
Tax exempt interest _____
charitable contributions _____
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