Problem: Module $9$ Textbook Problem $6$

Learning Objective: $9-3$ Describe how families can use partnerships or S corporations to shift income

WRT$,$ a calendar year S corporation, has $100$ shares of outstanding stock. At the beginning of the year, Mr$.$ Wallace owned all $100$ shares. On September $30,$ he gave $20$ shares to his brother and $35$ shares to his daughter. WRT$$s ordinary income for the year was $$230,000.$