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PLEASE HELP SOLVE THE RED X ' s in the chart below. Julio and Milania are owners of Falcons Corporation, an S corporation. Each owns
PLEASE HELP SOLVE THE RED Xs in the chart below.
Julio and Milania are owners of Falcons Corporation, an S corporation. Each owns percent of Falcons Corporation. In year Julio and Milania each received distributions of $ from Falcons Corporation.
a What amount of ordinary income and separately stated items are allocated to them for year based on the information above? Assume that Falcons Corporation has $ of qualified property unadjusted basis
tableAmount,tableAllocated toJuliotableAllocated toMilaniaOrdinary Income,,$$$
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