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Lan Corp., an accrual-basis calendar year repair service corporation, began business on Monday, January 3, Year 4. Lan's valds corporation election took effect retroactively on January 3. Year 4. For items 1 through 4, determine the amount, if any, using the fact pattern for each item Assume the following facts Lan's Year 4 books recorded the following items Gross receipts Interest income on investments Charitable contributions Supplies 57,260 50 1,000 1, 120 1. What amount of net business income should Lan report on its Year 4 Form 11205, U.S. Income Tax Return for an Corporation Schedule K? Not business income 56.140 As of January 1, Year 4. Taylor and Barr each owned 100 shares of the 200 issued shares of Lan stock. On Februaryt Year 4 Taylor and Barr each sold 20 shares to Pike. No election was made to terminate the tax year Lan had net business income of S14.600 for the year ended December 31, Year 4, and made no distributions to its shareholders. 2. What amount of net business income should have been reported on Pike's Year 4 Schedule K-1 from Lan? Net business income $5,000 >2000 $2,672 $3,150 $3,750 $4,700 $5,000 Assume the following facts: Assume the following facts: Pike purchased 40 Lan shares on January 31, Year 4 for $4.000. Lan made no distributions to shareholders, and Pikes Year 4 Schedule K-1 from Lan reported: Ordinary business loss Municipal bond interest income $(1,600) $ 150 3. What was Pike's basis in his Lan stock at December 31, Year 4? Pike's basis Assume the following facts: On January 3, Year 4. Taylor and Barr each owned 100 shares of the 200 issued shares of Lan stock Taylor's basis in Lan shares on that date was $10,000. Taylor sold all of his Lan shares to Pike on January 31 Year 4 and Lanmade a valid election to fermate year. Taylor's share of ordinary income from Lan prior to the sale was $2,000. Lan made a cash distribution of $2,000 to Totoros January 30, Year 4. 4. What was Taylor's basis in Lan shares for determining gain or loss from the sale to Pice? Taylor's basis For items 5 and 6 indicate if the statement is true or false regarding Lan's corporation status 5. Lan issues shares of both preferred and common stock to shareholders at inception on January 2 Year 4. This wil net affections corporation eligibility The above statement is 6. Lan, an S corporation since inception, has passive investment income for 3 consecutive years following the year a valid 5 corporation election takes effect. Lan's S corporation election is terminated as of the first day of the fourth year The above statement is