q6

Problem: Module 9 Textbook Problem 6 Learning Objective: 9-3 Describe how families can use partnerships or S corporations to shift income WR. a calendar year S corporation, has 100 shares of outstanding stock. Ar the beginning of the year, Mr. Wallace owned all too 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 $248,000 Required: What portion of this income must each shareholder include in income? (Assume 365 days in a year. Round income per day of ownership to 4 decimal places. Round other intermediate calculations and final answers to the nearest whole dollar amount.)